Barclays plans 'bonus overhaul'

There are widespread reports that Barclays is planning an overhaul of its bonus system, that could see payouts withheld until bankers leave the company.The stories, which reference unnamed sources, say Barclays is considering following in the footsteps of HSBC, which recently put forward plans to increase the vesting time of shares awarded as bonuses.HSBC wants shares to vest in five years rather than three, and it also wants to prevent staff from selling them until they leave.That plan will be voted on at HSBC's annual general meeting in September.The scheme is supposed to create stability by giving staff an interest in the long-term success of the bank, rather than gunning for quick returns.Barclays is working hard to woo investors, a quarter of whom voted against the bank's remuneration package earlier this year.The bank is also reeling from the LIBOR scandal, which saw it fined £290m and led to the resignation of controversial Chief Executive Bob Diamond.A Barclays spokesman sought to play down the rumours."This [story] hasn't come from us, we've got nothing to say on the matter," he told Sharecast.