In a move designed to placate its UK institutional investors, Barclays has thrown a £500m bone by way of access to reserve capital instruments. In a move designed to placate shareholders over the plan to eschew UK government bailout money, preferring instead to go cap in hand to Qatar Holding and HH Sheikh Mansour Bin Zayed Al Nahyan for £5.8bn of relatively expensive capital, the bank’s board also offered itself for re-election at its AGM next spring. The highly unusual tactic – the first time a British bank has put its entire board up for re-election in such a manner, and perceived by many sceptics as nothing more than a symbolic gesture. If the board’s strategy of purchasing Lehman Bros’ US assets and piling into emerging markets at the top of a downward curve turns out to be ill-conceived, their jobs will be on the line anyway.

In a separate move to counter criticisms of fat-catery, Barclays executive directors, including chief executive John Varley and president Bob Diamond, (PICTURED) will not take any bonus for the 2008 financial year. This represents a huge sacrifice, not least in the case of Bob Diamond, who last year trousered £21m – whereas this year he’ll only take home 250k!