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20 December 2011
Chief Executive Officer Bob Diamond has put forward the notion that Barclays Bank is considering cutting bonuses as penance for the cost of its £1bn fine for mis-selling PPI.
The American CEO explained that those executives who were responsible for mis-selling PPI at Barclays had now left the bank and went on to tell the Treasury Select Committee that the board will consider cutting bonuses as penance for the cost of the expensive fine:
"We are taking into account that impact in our remuneration."
When questioned on the broader environment on pay, Diamond was typically defiant saying:
"I was looking forward to a discussion on the Independent Commission on Banking and its report and we're right on to the same issues as last time which I do find disappointing."
Diamond also attacked the idea of a financial transactions tax, a proposal that was at the centre of David Cameron's decision to veto a new EU treaty.
ENDS
protection.uk.net comment: If you have taken out a mortgage or loan from a bank or building society, you may have been sold Payment Protection Insurance (PPI) without full knowledge of the product. Make sure you understand the facts first. Visit our Important Documents page to find out more...
Article originally sourced via the BBC in LONDON, UK, 2011-12-20
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