Barclay's employees will share total cash payments of £1.5bn and £1.2bn in long-term awards, while the bank's chief executive and president have turned down their annual bonuses.
The bonus awards for the bank's 144,000 staff, including those working in high street branches, will vest over three years and will be subject to clawback. The average bonus at Barclays was £19,000, while the average bonus awarded to bankers at investment arm Barclays Capital was £95,000.
Meanwhile, the company's chief executive John Farley and president Richard E Diamond will forgo their bonuses, despite the bank reporting a 92% increase in profits to £11.6 billion for 2009.
Although the bank's remuneration committee took the view that both were deserving of their annual bonus because of their personal performance and that of the group, they told the board they wished to decline the rewards.
Farley and Diamond declined their bonus out of consideration for the continued impact of the economic downturn on clients, customers, shareholders, combined with the fact that banks and bankers' pay remain matters on intense public interest and concern.
In his statement for Barclay's full year results for 2009, Marcus Agius, group chairman, said: "The board has accepted these wishes. The board has directed its remuneration decisions relating to Mr Varley and Mr Diamond to the customary forward-looking elements of remuneration, which relate to future performance and alignment with shareholders interests."
Barclays has also announced 100% of the 2009 discretionary remuneration for other members of the Barclays group executive committee and all members of the Barclays Capital Executive Committee should be awarded over a three-year period and be awarded to a clawback.
More broadly, across the bank, deferred awards have increased by 70% and there has been a greater use of equity in deferral structures, particularly to senior staff. In addition, all discretionary rewards for 2009 to the bank's executive committee will be deferred.
For more articles on pay and bonuses