Barclays - the boss isn't keen on bonuses

Money On Hook

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.

John McFarlane, who joined Barclays from insurer Aviva in May, said eliminating 'geared incentives in retail or investment banking” would “remove the temptation to cut corners'.

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'.

Hit the link below to access the complete Financial Times article:

Barclays chairman attacks banking’s bonus culture

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