Top Execs At Barclays Will Have Their Bonuses Deferred

LONDON — Barclays is planning to defer bonuses for its highest-paid executives in hopes of quashing public outrage regarding pay for bankers, Britain's Financial Times reported Saturday.

The move comes amid a backlash in the U.S. against banks who continue to pay whopping bonuses to top executives after being bailed out by taxpayer money.

Bank shares have plunged because of President Barack Obama plan to limit their size and risky trading and his proposal of a special tax to recover bailout funds. He also has branded the latest round of bank bonuses as "obscene."

Top executives at Barclay's will defer up to 100 percent of their bonuses for up to three years, the Financial Times reported. Some 2,000 or so staff will have as much as 75 percent of their payouts deferred, while lower ranking staff would have as much as 50 percent deferred, the newspaper said.

The measures are due to be signed off on before Barclays full year results next month.

The bank declined to comment on the report.

Comments

[peowlemeow]

08:38 PM on 01/25/2010

Bank of Scotland was washing dope money Barclays has also been busted.How come drug seizure laws don't apply to banks ?How did Barclays get out of bankruptcy so fast ?

[Chris Campbell]

04:36 PM on 01/25/2010

I wonder if their salaries will be increased? Hmmmm....

[doublels]

03:44 PM on 01/25/2010

Deferred?? OH...how wonderful of them. Not cut, not decreased but...deferred. BFD. They think the little guy is so stupid. I can't believe how stupid THEY are.

[commentator101]

03:00 PM on 01/25/2010

For "up to 3 years" or until the coast is clear, whichever comes first.

[munki]

03:21 PM on 01/25/2010

Deferred is not slashed or cut...

does it make sense? future tense...

[mateoconifer]

11:52 AM on 01/25/2010

BFD. they should simply half their bonuses or not get one this year and for however many years it takes to repay their greed.

[nah415]

11:38 AM on 01/25/2010

Our plan is to defer our bonuses until people are no longer paying attention to our Robber Baron ways...

[nomadicexpat]

11:23 AM on 01/25/2010

why is there this huge focus on bank pay? barclays did not have a loss during the crisis. yes they needed to raise money but that was because capital requirements changed. they navigated brilliantly through the rough waters and came out both bigger and stronger

these are the people who should be rewarded. theyre the ones doing things right ..

yes, focus on citi, rbs and fortis (failed banks and failed bankers) but let those who performed be rewarded

[no beranke]

10:09 AM on 01/25/2010

we must end the bank bailout cycle. Don;t reappoint bernanke.

good articles: http://iamned-website.blogspot.com

[Chem is she]

10:08 AM on 01/25/2010

Why is it that the U.K. can at least pretend to listen to their citizens where as in the US we just sit on our thumbs and shrug our shoulders. Gah!

[pam45]

09:53 AM on 01/25/2010

Here we see one more example of being responsible and responding to the temperature of public opinion in GB. It seems that we in America don't have the clout or public opinion to persuade our financial sector that what they are doing with bonuses is really unethical. Our President is in an unusual position when the rest of the world responds to his wisdom and American businesses thumb their noses at him. American businesses are so unethical and selfish. They could care less about the masses who make up this country too.

[sathosiel]

09:47 AM on 01/25/2010

By deffered does that mean they get the cash later?

[mfc62]

09:52 AM on 01/25/2010

My guess would be yes...........probably after it sits in Swiss bank account drawing interest.....