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Barclays bank executives to pass on cash bonuses for 2009

Three of the top executives at Barclays bank are believed to be on the verge of announcing that they will pass on cash bonuses for 2009 and instead choose to receive shares over several years. It is believed the gesture is purely and simply a move to pacify shareholders who have expressed significant concern at the amount of proposed bonuses to be paid not only by Barclays bank but by the UK banking sector in general.

There are hopes that other UK banking institutions will follow the lead of Barclays bank, assuming the rumours are correct, although the truth of the matter is that by accepting shares spread over a number of years there is every chance that these bonuses could be more lucrative than cash bonuses. The banking sector is still at the forefront of political minds and consumers are still lacking in trust for a sector which has taken massive amounts of taxpayer capital over the last two years and given little back so far.

The capital venture sector of the UK financial industry would appear to have recovered quicker than most in the UK and this is where the vast majority of bonus payments are being targeted.

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