Big banks on both sides of the Atlantic are weighing whether to follow Barclays as it pushes ahead with a plan to pay bonuses with innovative bonds, dubbed cocos.
According to several banks present at last week’s World Economic Forum in Davos, the idea of using contingent convertible notes as a remuneration tool is gaining ground.
The Financial Times reported recently that, pending regulatory approval, Barclays aimed to unveil the coco bonus plan next month. European regulators, particularly in Switzerland, are fans of cocos – instruments that convert into equity in situations of financial crisis – as a way to boost capital.
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