Clawbacks Watch ’13: Barclays

Clawbacks Watch ’13: Barclays

Those Libor fines don’t pay for themselves!

Britain’s Barclays plans to cut or claw back about 450 million pounds ($ 680 million) of pay from its staff over a rate-rigging scandal that last year forced out its chief executive and chairman, a person close to the matter said on Wednesday. About another 140 million pounds ($ 212 million) will be clawed back from past pay packages due to other misdemeanors such as mis-selling payment protection insurance (PPI) and allegedly misinforming customers about interest rate swaps products, the person said. Barclays, fined about 290 million pounds last June by U.S. and UK regulators for manipulating Libor benchmark interest rates, will slash the 2012 bonus pool by roughly the same amount due to Libor issues and claw back about 160 million from employees’ deferred share awards from earlier years, the source said.

[Reuters]

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