Barclays boss warns pay deal will be 'very different'

BARCLAYS Bank chairman Marcus Agius has warned the bank's forthcoming pay round will be "very different" from past years following public outcry over the bonus culture.

"The architecture of our pay round shortly to be determined is going to be very different from anything we have seen before, in accordance with the changes in regulation that have already taken place," Agius told an audience of financial industry executives in London.

Public outrage directed against banks, financiers and their failures during the credit crisis is justified and must be taken into account, he added.

"There is a huge amount of public anger, quite understandable, very justified."

Barclays is to bump up the fixed salaries of staff in its Barclays Capital investment bank. The bank will also backdate some of the pay rise.