Top Firm Said To Be Giving Out 150% Pay Rises

The Daily Telegraph reports that Barclays Capital is set to announce that it is increasing its salary bands, and that some bankers could see their base pay increase by 150% - from £120,000 ($200,000) to £300,000 ($500,000).

According to the newspaper, the pay awards will also be backdated to June. The alleged move comes at a time when many firms are reviewing their compensation policies in the light of the global clampdown on banker bonuses, which are regarded as a major cause of the recent financial crisis. Several financial institutions are now re-balancing pay and placing a greater emphasis on base salaries in reward packages.

In the meantime, The Times reports that the board over at Royal Bank of Scotland are thought to be preparing to resign in the event that the UK Treasury vetoes its plan to pay some $2.5bn in bonuses this year-end. The newspaper quotes Ronnie Fox, from Fox Lawyers, who said: If you are put in a position where you can no longer do the job you are paid to do, then I cannot see how you can remain in place as a director'.