Barclays Bank is going out on a limb and changing the way it pays its financial advisers in an effort to clean up its image after various scandals, including rigging the benchmark LIBOR interest rates used to set mortgage rates:
“Advisers at the Barclays Wealth & Investment Management division in the Americas will no longer get paid solely on how much money they bring in. Going forward, their compensation could be docked for misconduct. While the size of any such cuts remains to be seen, the new policy already has spurred some of the firm’s roughly 275 U.S.-based advisers to look for jobs elsewhere, according to recruiters, and could make it harder for the firm to find new brokers.”