Barclays plans to include CoCos in senior execs’ bonuses
UK banks requests permission to include contingent convertibles in annual bonus packages for senior directors
Barclays Bank is reported to have submitted a plan to the UK Financial Services Authority to issue contingent convertibles (CoCos) to 1,000 senior managing directors as part of its annual bonus payments. CoCos are a form of debt designed to be quickly converted into equity to absorb losses in the case of a sudden and potentially fatal shock to a bank. They shot to prominence in November last year
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