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Barclays top bosses waive 2009 bonuses

In a move which is sure to put more pressure on the rest of the UK banking sector it has been revealed that John Varley and Bob Diamond, the two most prominent figures in the Barclays bank operation, have waived their bonuses for 2009. At a time when the bank has put aside nearly £3 billion for staff bonuses it is unclear exactly what bonuses the two executives would have been entitled to, although they would have been substantial.

It was also revealed today that the average investment banking bonus will be £191,000 even though many of the 23,000 investment bankers within the group have received multi-million pound payments. Politicians are still very sensitive to the fact that UK taxpayer funding was indirectly used to support companies such as Barclays bank, via the Bank of England's quantitative easing program and liquidity injections, and taxpayers are not happy.

It is expected that company bosses at Royal Bank of Scotland and Lloyds bank may well be forced to follow suit regarding the bonus issue although we await official confirmation from the companies involved. Once the banking sector is "back on its feet" there is no doubt we will see a return to multi-million pound bonuses across the board but until then there is pressure to reduce salaries and bonuses.

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