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By Steve Slater
LONDON, Feb 27 (Reuters) - Britain's Barclays plansto cut or claw back about 450 million pounds ($680 million) ofpay from its staff over a rate-rigging scandal that last yearforced out its chief executive and chairman, a person close tothe matter said on Wednesday.
About another 140 million pounds ($212 million) will beclawed back from past pay packages due to other misdemeanourssuch as mis-selling payment protection insurance (PPI) andallegedly misinforming customers about interest rate swapsproducts, the person said.
Barclays, fined about 290 million pounds last June by U.S.and UK regulators for manipulating Libor benchmark interestrates, will slash the 2012 bonus pool by roughly the sameamount due to Libor issues and claw back about 160 millionfrom employees' deferred share awards from earlier years, thesource said.
The bank declined to comment.
The scale of penalties, first reported by Sky News, showsnew Chief Executive Antony Jenkins wants to demonstrate the bankis punishing staff for the reputational damage caused by thescandals and address criticism from investors that pay was toohigh.
Barclays said two weeks ago it would still pay about 1.8billion pounds in variable pay for 2012, down 14 percent from2011. It will release further details on salaries in its annualreport, expected to be released next week.
The bank will also unveil more details about the pay levelsof all its 140,000 staff in the report in a bid by new ChairmanDavid Walker to improve transparency.
The bank is set to release pay bands for all staff, thesource said, including how many earned more than 1 millionpounds - a number that could top 500.
Walker has pushed for banks to release the numbers of staffincluded in pay bands of 1 million to 2.5 million pounds, 2.5million to 5 million pounds, and over 5 million pounds.
In the past, Barclays only disclosed the pay of its topeight earners as well as the average pay of staff in riskpositions, or so called code staff. In 2011, 238 code staffearned an average of 1.5 million pounds, including long-termawards.
