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Monday, February 09, 2009

Barclays Uses Commonsense

Not all banks have their heads up their own backsides, when it comes to bonuses and the public perception of failure and greed.

Barclays today announced a profit of £6.1BN (after £8.1BN of write downs), ahead of forecasts but 14% below last year. Barclays also announced that it would not be paying bonuses to its executive directors, and only pay bonuses to those below board level.

A wise and sensitive political decision, all the more so because the government does not have a stake in Barclays. The Royal Bank of Scotland would be wise to take note of this.

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