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As the situation in Greece, Portugal, Spain and other Eurozone economies continue to worsen there is increasing pressure on the Eurozone which has seen the dollar and sterling move higher. Despite...
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Sunday 8th November 2009
Barclays bank is this week set to discuss the level of bonuses allocated to more senior and more junior members of the company. This comes at a time when the UK government is adamant that banking bonuses should be reeled in as the worldwide economy and the UK economy continues to stutter. This is the first sign of cracks in the UK banking community which up until now has been firmly against government intervention on the subject of bonuses.
While the proposal and the forthcoming board meeting are the suggestion of the bank’s non-executive directors it would seem that the hierarchy at Barclays bank is possibly coming around to the UK government’s with thinking. At a time when UK consumers and UK businesses are still suffering, the banking community could do with some positive PR as currently it is seen as the "big bad monster". Whether Barclays will decide to amend the level of bonuses suggested for the current year remains to be seen but finally it seems as though the UK government is making progress in this particular area.
It will be interesting to see if other banking institutions in the UK decide to follow suit because ultimately it will take more than one bank to change the overall environment and the PR associated with the industry. |
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