Barclays bosses decline bonuses for a second year to help shape regulatory reform

Two Barclays bosses will forgo their bonuses for a second year running to strengthen their kudos in influencing regulatory reform.

John Varley, chief executive, and Bob Diamond, head of the investment banking arm of Barclays, said they would decline bonuses, despite the bank’s record profits, to “be part of the debate” on the future of the economy and global regulation, the Financial Times has reported.

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Barclays, which avoided a bailout during the financial crisis, beat forecasts on Tuesday by reporting a near doubling of profits in 2009 to £11.6bn, according to Reuters.

Barclays’ investment bankers will receive average pay of £191,000 for last year, including an average bonus of £95,000.