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Barclays’ bonuses are a risky move as Britain counts the Covid cost | Business


Banking bosses universally chimed last week that the vaccine rollout and government support such as furlough had made a huge difference to the country’s chances for recovery. They have certainly helped the banks’ own prospects, with profits sharply up across the board in the first three months of the year.

The increase was driven by a dramatic drop in bad debt provisions compared with last year, when everyone feared that Covid would have a truly horrifying impact on people’s jobs and livelihoods.

The swing in provisions has driven another big change, at least at some institutions: compensation. While most banks are preparing to pay out more this year, one bank is facing more scrutiny than others.

Barclays disclosed that it was setting aside £335 million



Read More: Barclays’ bonuses are a risky move as Britain counts the Covid cost | Business

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