LONDON, Nov 22 (Reuters) - British bank Barclays Plc is to introduce a "role-based pay" element next year toget around Europe's incoming bonus cap.
Under the plan, Barclays will give senior staff anadditional monthly cash sum - on top of base pay and variablebonuses - which would be reserved for those occupying specificrisk-taking roles.
The bank said in a memo to investment bankers on Thursday itwill add a new element of fixed pay that will be set at thestart of the year for any employee affected by the EU's newrule, which caps their bonus to 200 percent of their salary.
"The introduction of role based pay allows Barclays both tocomply with the legislation and offer market competitivecompensation to employees," a copy of the memo seen by Reuterssaid.
"This outcome has been reached following consultation withour regulator and major shareholders," it added.
Barclays (BARC)
