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Barclays finds way to sidestep bonus cap

London - Absa's parent company Barclays is to introduce a "role-based pay" element next year to get around Europe's incoming bonus cap.

Under the plan, Barclays will give senior staff an additional monthly cash sum - on top of base pay and variable bonuses - which would be reserved for those occupying specific risk-taking roles.

The bank said in a memo to investment bankers on Thursday it will add a new element of fixed pay that will be set at the start of the year for any employee affected by the EU's new rule, which caps their bonus to 200% of their salary.

"The introduction of role based pay allows Barclays both to comply with the legislation and offer market competitive compensation to employees," a copy of the memo seen by Reuters said.

"This outcome has been reached following consultation with our regulator and major shareholders," it added.

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