Barclays to boost base salaries

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Bloomberg News reports that Barclays will boost fixed pay for some employees next year in advance of European Union rules that will cap bonuses.

Britain’s second-largest bank will introduce what it calls 'role-based pay', according to a person familiar with the plan. The new payments to certain bankers, traders and salespeople of the London-based firm will come on top of their base salaries and variable bonuses, said the person, who asked not to be named because it’s a personnel matter.

'The introduction of role based pay allows Barclays both to comply with the legislation and offer market competitive compensation to employees', a copy of the memo seen by Reuters said.

'This outcome has been reached following consultation with our regulator and major shareholders', it added.

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