Barclays to link bonuses to new business strategy

Barclays Group is to adapt its bonus and compensation structure to link it to its new business strategy.

In a memo to the bank’s 140,000 staff, Barclay Group’s new chief executive Anthony Jenkins, said: “How we do business, our impact as a company, and adherence to our values, will be considered as important as financial targets when assessing performance.”

Jenkins’ goal is to become the ‘go-to’ bank through the development of an enhanced culture and way of working.

This includes the introduction of a balanced scorecard for the bank, which will measure performance holistically by considering how it does business, its impact as a company and its adherence to its values.

Compensation and bonuses will be based on the balanced scorecard.

Jenkins added: “Every business unit, and every individual, will have a balanced scorecard derived from the group’s, and against which they are measured.”