The financial press reported on Saturday that Barclays’ top executives are giving up their bonuses for 2009 amid pressure for governments and irate investors over the gross excesses. As noted in the Financial Times, U.K. unions noted that:
“The bonuses being paid out are still big enough to incentivise excessive risk-taking and still contribute to wider inequality, which many increasingly recognise as a profound economic and social problem for the UK,” said Brendan Barber, general secretary of the Trades Union Congress.
It also remains unclear what the total compensation packages look like for the top executives at the bank. Somehow, it seems unlikely that John Varley and Bob Diamond, the top executives at Barclays will need to find side jobs to make up for the bonuses.
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