Former Barclays chief took pay cut

THE PAY of Sir John Quinton, chairman of Barclays until last December, was slashed from pounds 382,000 to pounds 265,000 last year, according to the bank's latest filing with the United States Securities and Exchange Commission.

Most of the loss-making bank's directors also received no bonuses for the second year running.

Sir John's pay was cut because he handed over his role as chief executive to Andrew Buxton - now chairman and chief executive - during the year. Sir John remained chairman during his final months in office.

In the wake of the bank's losses, Mr Buxton made clear earlier this month that his own salary was significantly below the level Sir John was was being paid while he was in the dual role of chairman and chief executive.

The only two group directors to be paid bonuses were executives of the successful Barclays de Zoete Wedd investment banking subsidiary.

The BZW bonuses were paid 'to ensure that their overall remuneration remains competitive and to reflect the improved performance of the division,' the bank's filing said.

The two bonuses totalling pounds 400,000 - double the amount in 1991 - went to David Band, chief executive of BZW, and Lord Camoys, who is BZW's deputy chairman.