Barclays (BCS) Plans Nearly $900M in Pay, Bonus Cuts Following Rate-Rigging Ordeal

Barclays (NYSE: BCS) is planning on big pay cuts as it looks to rebound from a recent Libor rate-rigging scam.

According to Reuters, Barclays may trim firm-wide pay by as much as £450 million (about $680 million). Another £140 million (or $212 million) will be clawed-back from past pay packages over allegations of misinforming clients about interest rate swap products and mis-selling payment protection insurance.

Barclays was fined £290 million by U.S. and U.K. regulators in 2012 tied to the rate manipulation scheme. The event caused its CEO and Chairman to resign their positions lat year.

With the recent scrutiny, Barclays is becoming a more transparent firm. Chairman David Walker plans to release details about the pay levels of its 140,000 employees.

Shares of Barclays are up about 0.7 percent Wednesday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Buyout firm Vista explores $3B sale of private markets data provider Allvue - Reuters
• Barclays Downgrades Renault SA (RNO:FP) (RNSDF) to Equalweight
• Barclays sees music streaming growth narrow gap with Spotify