Higher basic pay for bankers 'takes away risk'

Barclays has announced that it will be handing out a total of £2.6bn in bonuses to its investment banking staff. They say that is down 12% on last year despite profits at the group rising 32%, almost a third, to £6.1bn.

For the first time the bank has introduced stricter rules on deferred payments to senior staff.

The investment editor at Citywire, Charlie Parker says that while bonuses are down, overall pay for bankers is higher which means they are ''still getting the money they were getting before''.

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