The government say that capping bankers' bonuses would mean banks would simply increase their bankers' salaries.
Central bankers are getting ready to announce their curtain-raising decisions, this week.
The Banking Commission says that senior bankers at state owned banks who are guilty of reckless actions should go to jail.
The Unite union, which represents many Barclays workers, says the bank's decision to cut up to 1,700 jobs is 'a colossal mistake'.
The union said frontline roles, including cashiers, personal bankers, operational specialists, branch managers and assistant managers will go throughout 2014.
It claimed that customer service would be affected by the changes and said Barclays risked damaging its reputation.
In a statement Barclays said fewer of its customers were using branches.
Barclays bank says changes in the way customers use its branches is behind the decision to cut up to 1,700 jobs.
In a statement it said that new technology meant that fewer everyday transactions were now done in high street branches.
The bank said it would provide a better service with less staff.
It has started a voluntary redundancy scheme.
– Barclays statement
The way in which our customers access their banking services is changing rapidly.
More and more people are choosing to use smartphones and technology for everyday transactions - using branches only when they need access to expertise.
As a result of technological changes, we will be able to provide better service for our customers with fewer staff in our branches.
Barclays is to axe 1,700 jobs from across its branch network, according to the Unite union.
Responding to figures released by City watchdog the Financial Conduct Authority, (FCA), that show Barclays as the UK's most complained about bank, Ashok Vaswani, Chief Executive of Barclays Retail and Business Banking, said his bank was "striving to do better."
Though complaints were down by 11%, the bank received 370,733 complaints in the first half of 2013. Mr Vaswani said:
Whilst the number of complaints we receive is reducing sustainably as we work hard to put our customers at the heart of everything we do, this is no time for self-congratulation.
Even one unhappy customer is one too many which is why we must always strive to learn lessons on how we can do better.
That is why we will now publish complaints data every three months with additional information on how we are tackling their root causes.
The five most complained about banks and financial services firms received a total of 1.3 million complaints in the first half of 2013, according to City watchdog the FCA.
The FCA collects information by firm, not by banking group.
Barclays was the most complained about bank but Lloyds Banking Group, incorporating Lloyds Bank and Bank of Scotland would be the most complained about group, if the the FCA evaluated complaints received on a group level.
- Barclays Bank Plc opened 370,733 complaints, (down 11% from the last six months of 2102) 62% of which were upheld
- Lloyds TSB Bank opened 253,735 complaints, (down 27%) 62% of which were upheld
- MBNA opened 237,103 complaints, (down 12%) 36% of which were upheld
- Bank of Scotland opened 222,249 complaints, (down 34%) 45% of which were upheld by the firm
- Santander UK Plc opened 198, 736 complaints, (down 34%) 43% of which were upheld.
Banks and financial services firms paid out £2.55 billion to customers in redress payments in the first half of 2013, new figures from City watchdog the Financial Conduct Authority (FCA) reveals.
Consumer complaints reported by financial services firms fell by 500,000 between the second half of 2012 and the first half of 2013.
- 2.9 complaints were made in the first half of 2013, compared with 3.4 million in the previous six months
- 51% of complaints reported in the first half of 2013 were upheld, with a £2.55 billion of redress paid to consumers
More than 35,000 people have started to switch their current account after a new guarantee was launched to take the hassle out of changing providers, the Payments Council said.
It said the new service had got off to a "great start" and the IT system on which the service was built was operating smoothly.
Chancellor George Osborne is picking a fight with the European Union over their plans to limit the amount bankers can receive in bonus payments to a sum no more than 200% of their salary.
Mr Osborne says he is worried about the damage such a cap would do to London's global reputation, and he says the bonus cap may actually have help drive up bankers' wages.
Business Editor Laura Kuenssberg reports.
The European Parliament have agreed legislation to cap the total sum a banker can be paid in bonuses.
The new regulations are aimed at "stabilising" banking culture, curbing "excessive risk-taking" with a view to make banks "more resistant to crises", according to MEPs.
- Bonuses will be capped at a year's salary, but a bonus worth 200% of salary can be awarded with the approval of shareholders
- If more a bonus of more than 100% of salary is awarded, it has to be authorised by holders of half the bank's shares
- If a bonus of more than 100% of salary is awarded, then a quarter of the whole bonus would be deferred for at least five years in an effort to "encourage bankers to take a long-term view" according to MEPs.
The legislation is due to be implemented into national law by January 2014.