Barclays boss backs bonuses move

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The Bank of England’s plans to claw back rule-breaking bankers’ bonuses up to seven years after they are awarded are a good idea in principle, the boss of Barclays has said.

Antony Jenkins, group chief executive of Barclays, described the clawback as “extremely useful” and said that recklessness should be punished.

He spoke as reports suggested the Bank of England is set to unveil plans to make badly behaved or incompetent bankers pay back bonuses even if they were given out in shares and have since been cashed in.

The rules will punish bankers whose misbehave or make a significant error, where they cause their firm or department serious financial loss, or where they have failed in risk management.