Barclays has become the second bank in less than a week to declare that its top executives will forgo their bonuses, as it today offered institutional investors concessions to alleviate concerns over its planned £7bn (€8.4bn) capital raising ahead of a crunch vote on Monday.

While Barclays is pushing ahead with plans to raise funds from Middle Eastern investors, rather than following some of its rivals in turning to the UK Government's recapitalisation scheme, the bonus waiver brings it into line with the Government scheme, which includes a stipulation that no cash bonuses will be paid to board members this year at banks that access the funding.