BARCLAYS’ bankers are paid too much and can no longer hold the company to ransom, its new chairman has warned. Sir David Walker plans to launch a “root and branch reform” of pay policies to kill off the culture of “apparent greed” lurking inside the bank.
Walker said that within the next six weeks he plans to appoint a new chief executive who will lead the reforms. He has also pledged to investigate the balance between retail banking and investment banking inside the group — hinting that riskier trading businesses are likely to be axed.
Sources close to Barclays believe the group’s investment bank — previously known as Barclays Capital — could be cut in size by as much as a fifth.
Walker was appointed