Game over ?
The Financial Times reports that the chairman of Barclays has attacked the bonus system for investment bankers, arguing it encourages people to 'cut corners', in comments likely to cause consternation among his own staff.
The Barclays chairman told the British Bankers’ Association annual conference that the flaws of the bonus system had been exposed by the financial crisis when 'most of the returns at investment banks went to employees and not to shareholders and I think that game is over'.
He added that Barclays would not be able to 'act alone' in tackling the bonus culture for fear of losing its best employees and called for 'some sort of industry-wide solution'.
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