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Loan Protection: Barclay's staff set for bumper bonus payout

Barclays is set to award its staff a huge bonus pool despite the declining fortunes of its investment banking division.

The UK firm has set aside £1.6 billion for employees, in addition to a further £640 million in deferred payouts from previous years.

Workers at the bank's investment arm Barclays Capital (BarCap) will enjoy the majority of the funds even though the division performed poorly compared to recent years.

BarCap reported a pre-tax loss of £182 million in the third quarter following new rulings coming into place which forced the bank to include the cost of paying its debts in its accounts.

Even if the debt of £947 million was not included in the figures, BarCap still only recorded profits of £765 million in the third quarter, a fall of 22 per cent compared to the previous three months.

BarCap has hired 2,000 staff in 2010, taking its total workforce to 25,000.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-800228777-ADNFCR

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