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Barclays could use bonus pool to cover Libor fines

Barclays could delve into the bonus pool it uses to reward its executive staff to cover the expense caused by the London Interbank Offered Rate (Libor) fixing scandal, according to a new report.

The bank was fined £290 million by regulators last year for its role in manipulating the rate, and it could be the investment bankers who pay for the scandal, according to the Financial Times.

It also revealed that a similar plan is in place at the Royal Bank of Scotland (RBS), as banks try to recoup some of the money they lost as a result of the regulators' decision.

Barclays boss Anthony Jenkins has also sent an email to the company's 140,000 employees stating that they need to sign up and adhere to a new code of conduct or else pack up their desk and leave.

"There might be some of you who don't feel they can fully buy in to an approach which so squarely links performance to the upholding of our values," he said.

"My message to those people is simple: Barclays is not the place for you. The rules have changed. You won't feel comfortable at Barclays and, to be frank, we won't feel comfortable with you as colleagues."

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801524902-ADNFCR



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