Barclays set to overhaul pay

It has been reported that Barclays is planning a radical overhaul of pay as part of a strategic review.

Reports from the BBC and the Financial Times said the bank is looking at using convertible bonds, known as CoCos, to pay a large proportion of the bonuses for more than 1,000 of its top bankers.

Any plans affecting pay will be announced in February.

Barclays has declined to comment.

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