Barclays bonus pool to hit £511m

Barclays Group has allocated £511 million towards staff bonuses in its 2013 Interim results.

The £511 million bonus pool includes £94 million of deferred bonus charges.

The deferred bonus charge for 2013 remained stable, and there was an expected charge of £1.2 billion relating to future periods for bonus awards granted, but not yet expensed, as at 30 June 2013.

The group’s total compensation costs remained broadly stable at £515 million, up from £459 million at the half year ended 31 December 2012.

The interim results are an estimation of future bonus pools, with full details to be published in February 2013 in the banking group’s annual report.

The interim results stated: “No awards have yet been granted in relation to the 2013 bonus pool [because] decisions regarding incentive awards are not taken by the remuneration committee until the performance for the full year can be assessed.

“The current year bonus charge for the first six months represents an accrual for estimated costs in accordance with accounting requirements.”