Almost 500 staff receive more than £1m at Barclays

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Barclays paid 481 staff more than £1m ($1.67m) last year, prompting criticism that pay is still too high and that banks have not changed their ways since the financial crisis.

Reuters reports that Barclays and Lloyds Banking Group also revealed in their annual reports that their chief executives could each earn more than £7m ($11.7m) this year and that both banks were seeking approval from shareholders to pay some staff bonuses of double their fixed pay.

Bonuses have been blamed for contributing to excessive risk-taking that led to the 2008 crisis and the European Union has taken steps to cap them.

Conservative lawmaker Andrew Tyrie, chairman of parliament's Treasury Select Committee, on Wednesday slammed the bonuses paid out by UK banks and said authorities may need to step in.

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Barclays pays nearly 500 bankers more than 1 million pounds

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