Former City minister says terms of taxpayer bailout would have ‘substantially reduced’ pay and bonuses for senior bankers
Barclays has paid out an estimated £18bn in bonuses since 2008, the year it raised almost £12bn to bolster its financial position and avoid a taxpayer bailout.
Paul Myners, who was City minister at the time of the 2008 crisis, told BBC Radio 4’s Today Programme that bonus payouts may have been one of the reasons the bank was keen to avoid the taxpayer bailouts that Royal Bank of Scotland and Lloyds Banking Group received.