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View Count: 104 |  Publish Date: November 24, 2013
Barclays Said to Plan ‘Role-Based Pay’ to Counter EU Bonus Cap
By Zeke Faux - 2013-11-23T00:00:03Z Stock Chart for Barclays PLC (BARC)
Barclays Plc (BARC) will boost fixed payfor some employees next year in advance of European Union rulesthat will cap bonuses.
Britain’s second-largest bank will introduce what it calls“role-based pay,” according to a person familiar with theplan. The new payments to certain bankers, traders andsalespeople of the London-based firm will come on top of theirbase salaries and variable bonuses, said the person, who askednot to be named because it’s a personnel matter.
The EU brokered a draft deal in February to outlaw bankerbonuses that are more than twice fixed pay, a move lawmakerssaid would curb irresponsible risk-taking. Reuters reportedBarclays’s plans earlier, citing an internal memo.
Erica Chase, a spokeswoman for Barclays in New York,declined to comment.
The European Banking Authority, which coordinates the workof supervisors in the 28-nation group, is deciding whichemployees will be covered by the curbs after the EU said theywould apply to risk-takers. Banks are trying to have the rulesapply to fewer workers by recommending that the definition of arisk-taker be made stricter, people familiar with that processsaid in April.
To contact the reporter on this story:Zeke Faux in New York at zfaux@bloomberg.net
To contact the editor responsible for this story:Peter Eichenbaum at peichenbaum@bloomberg.net

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Time: 21:13  |  News Code: 349550  |  Site: bloomberg
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