Barclays is reportedly considering a new pay scheme that would reduce bonuses for executives and defer payments until they retire.
The Sunday Times reports that large payouts would be held in shares and not paid out until the executive retires or leaves the bank.
The scheme is based on a new bonus scheme at HSBC, designed by HSBC non-executive director and former Goldman Sachs banker John Thornton last year.
It would see incentives linked more to Barclay’s overall performance as a group, rather than based on individual performance as is the case currently.
News of the pay scheme comes as Barclays continues to fight a wave of negative publicity after the bank was fined £290m in June for manipulating Libor. Anger over the fine caused the resignation of Barclays chairman Marcus Agius, chief executive Bob Diamond, and chief operating officer Jerry Del Missier. Non-executive director Alison Carnwath has also stepped down from the board since the Libor fine.
The Sunday Times reports Del Missier was in line for a bonus almost £20m at the time he left the bank but accepted a lower sum of £8.75m.
Separately, the FSA announced last month it is investigating four past and present Barclays employees, including group finance director Chris Lucas, over the fees it paid for capital raisings in 2008.