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Barclays bank gives in to investors

The top four executives at Barclays bank have all agreed to forfeit their bonuses for 2008 in an attempt to appease investors deeply concerned at the terms of the Middle East fundraising. The fundraising has come under pressure because of the added expense over the UK government offer, all because Barclays bank did not want to be at the beck and call of the UK government.

There is also a suggestion that a number of Barclays directors will be put up for renewal next year in an attempt to quell any long-term investor unrest. If the directors in question are voted back on to the board then the situation will be ended and if they are unsuccessful, new board members will be brought in and again the situation should be under control. This is a brave call by Barclays bank but one which ultimately they have little choice but to go with.

This is a serious situation for the UK banking sector and one which looks like getting worse before gets better. UK investors are now calling the shots having previously left companies such as Barclays to run their own business with minimal import. It will be interesting to see how long this change in tact lasts and whether we have seen a sea-change in the opinions and actions of shareholders.

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