Barclays top trio forgoes cash bonus

Barclays top trio forgoes cash bonusThe top three executives of Barclays Bank are set to let their cash bonus for the last fiscal forgo for a bonus in shares spread over multiple years, reports suggested on Saturday.

The top three board executives of the British Bank are Chief Executive John Varley, President Bob Diamond and Finance Director Chris Lucas.

As suggested by reports, the move is taken to ward off a public outrage seen over the past few months against the bonuses paid to executives in the public sectors, mostly in banks. Though the bank did not give any statement on the issue, it, however, said that it would go by the G20 guidelines prescribed on reforming pay structure.

Meanwhile, reports also suggest that the investment banking arm of the group, Barclays Capital, is planning to cut down its pays to staffs from 44 per cent of revenue in 2008 to 38 per cent in 2009.

However, the bank during the last year itself increased the basic salaries of its investment bankers, stating that it's in accordance with the G20 guidelines.

Barclays is expected to release its full year result for the last fiscal on Tuesday.