Barclays Bank says no bonuses for senior executives

Link to the article at Channel 4

Last Modified: 09 Feb 2009
By: James Blake, Faisal Islam

As Barclays announces a £6bn profit for 2008, bank chief executive John Varley tells Channel 4 News he is already cutting back on reward payouts.

Barclays Bank has said it will not give bonuses to its senior executives this year, despite making a profit last year.

Britain's fourth biggest bank announced it made £6bn last year, but that was well down on the year before. And the chief executive, John Varley, said none of its directors would be given a bonus.

Treasury Minister Yvette Cooper said bankers had a "moral responsibility" to forego their bonuses this year, as pressure grows on the government to do more to curb executive pay.