Barclays' Chairman, John McFarlane, has attacked the banking bonus culture, stating that it encourages people to "cut corners', adding that his comments may cause alarm amongst his staff. He added that bonuses were "a model that was imported from the US and seems to suit those (US) institutions". The Bank of England is currently reviewing its remuneration policy in light of a series of scandals involving senior bankers at banks including Barclays and HBOS.
Barclays' Chairman, John McFarlane, has attacked the banking bonus culture, stating that it encourages people to "cut corners', adding that his comments may cause alarm amongst his staff. He added that bonuses were "a model that was imported from the US and seems to suit those (US) institutions". He believes that Barclays would not be able to "act alone" in tackling the bonus culture for fear of losing its best employees and called for "some sort of industry-wide solution".