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Bank refunds: Barclays cuts bonus pool

Barclays has said it will reduce the amount of money it will be paying in bonuses to its employees.

Chief executive for Barclays, Antony Jenkins, told the Parliamentary Commission on Banking Standards that he would reduce the bank’s bonus pool in light of the scandals that it was involved in during 2012. He also said that he would waive his own bonus.

Barclays recently set aside an extra £1 billion to pay for claims on mis-sold payment protection insurance (PPI) and interest swap rates. Antony Jenkins was in charge of Barclaycard during the time that it mis-sold PPI to customers but had felt that he did not need to resign.

Consumer magazine Which? reported that the total amount of money that UK banks had set aside to pay for the PPI mis-selling scandal was £13.6 billion.

Antony Jenkins took over as Barclays’ chief executive last August, following the resignation of Bob Diamond after the Libor scandal.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801536533-ADNFCR

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