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Rule-breaking bankers set to have bonuses clawed back

Rule-breaking bankers could have their bonuses taken away from them under new plans set announced by the Bank of England.

Despite reports that the clawback could retrospectively punish bad behaviour, the Bank said the rules would only come into effect in 2015.

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Barclays boss: Bonus clawback 'extremely useful'

The chief executive of Barclays has welcomed plans from the Bank of England to punish misbehaving bankers by clawing back bonuses.

Antony Jenkins told Radio 4's Today programme: "The process of clawback can be extremely useful. We’ve applied it ourselves, for example, in cases where we’ve got things wrong."

Mr Jenkins said there should be "appropriate punishment" for both criminal misconduct and "recklessness" on the part of bankers.

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