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.
Share this..
Related stories
Should government spending be more transparent?
As the UK government gets set to fleece taxpayers across the country in order to replenish the nation's bank account and correct the budget deficit, how many of us actually know how out taxation is spent on an annual basis?
While you see the headlines regarding spending plans for the future, new jobs in the civil service, expenses for MPs and many other spending programmes over the...
UK government forces change in Lloyds bank directorship
The UK government has today forced the resignation of the Lloyds bank pay committee chief Wolfgang Berndt whom it blames for the authorisation of a £2.3 million bonus for bank boss Eric Daniels. While there was no vote on the issue, and the director in question officially retired for personal reasons, it is known that the UK authorities had let it be known they were going to block his reappointme...
Read MoreWhen will UK taxes start to rise across the board?
Like a storm brewing offshore, but making its way to the shore, everybody in the UK is well aware that taxes will rise for everybody in the short to medium term but when will it begin? Even though the recent pre-budget report gave the impression that plans were afoot to reduce the UK budget deficit and the sovereign debt, very few details have been released as yet. There is concern, and the con...
Read MoreHas David Cameron given too much away?
As David Cameron collects the keys to number 10 Downing St. there is already concern within some groups of the Conservative party as to whether he has given too much away to finalise a deal with the Liberal Democrats. It would appear that potential changes to the Financial Services Authority (FSA) may well be put on hold and he has indicated he will implement the Liberal Democrat income tax exempt...
Read MoreRoyals 'cost each taxpayer 66p a year'
The royal family cost the British taxpayer around £40 million in the 2007/08 financial year, a new report reveals.This is equivalent to 66p of each person's annual tax bill - up from 2006/07's total of 62p.A rise in royal transport costs was blamed for the increase, although royal representatives claimed that the cost remained 3.1 per cent below that of 2001, in real terms.Keeper of the privy pur...
Read More