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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/barclays-boss-to-reform-bonuses.jpg"><img class="alignnone size-full" title="Barclays boss Bob Diamond is to overhaul the way bonuses are paid next month, according to a report." src="http://londonglossy.com/wp-content/uploads/2011/01/min-barclays-boss-to-reform-bonuses.jpg" alt="Barclays boss Bob Diamond is to overhaul the way bonuses are paid next month, according to a report."/></a></p>
<p>Barclays&#8217; new boss is to overhaul the way bonuses are paid next month by giving senior staff loan notes that are dependent on the success of the bank, according to a report.</p>
<p>Chief executive Bob Diamond is considering paying a large proportion of bonuses in special contingent convertible bonds &#8211; also known as &#8220;cocos&#8221; &#8211; that are effectively worthless if the bank runs into trouble, the Financial Times said.</p>
<p>Issuing cocos would incentivise staff to ensure the bank is run in a sustainable way and would give the bank extra stability in times of stress, it was claimed.</p>
<p>Meanwhile, the Treasury&#8217;s negotiations with the UK&#8217;s biggest banks to hammer out an agreement on bonus payments and levels of lending to small businesses have stalled, and no agreement is now expected this week.</p>
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