Barclays 'must revamp pay policies'

Barclays must go further in overhauling its pay practices after a culture of “overly generous” bonuses put profit first in the run-up to the bank’s Libor scandal, an independent review in England found today.

A report by top lawyer Anthony Salz, who was commissioned to look at the bank’s culture following its £290m (€342m) Libor settlement last year, found Barclays became “too complex to manage” and that excessive pay and bonuses saw some bankers believe they were “unaffected by the rules”.