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&lt;p&gt;Bobby Diamond has a funny way of trying to win the support of his troops.&lt;/p&gt;&lt;p&gt;Soon after he took over as Barclays PLC CEO on the first of the year, he oversaw the sacking of hundreds of BarCap bankers without handing them their year-end bonuses. And now he&#39;s proposed to pay bankers in a currency called the CoCo.&lt;/p&gt;&lt;p&gt;&lt;img class=&quot;embeddedObject&quot; src=&quot;http://content.screencast.com/users/dloos/folders/Jing/media/f44aa74b-3ec4-4b94-90cf-f8f95537d2a4/00000147.png&quot; border=&quot;0&quot; alt=&quot;&quot; width=&quot;232&quot; height=&quot;259&quot; align=&quot;left&quot;&gt;To be exact, the CoCo isn&#39;t a currency; rather, it&#39;s short for &lt;em&gt;contingent convertible bond&lt;/em&gt;, and it will be the new way bankers at MD level and above at the British bank will earn part of their daily brown bread.&lt;/p&gt;&lt;p&gt;A CoCo can not be applied to the skin to make it smell like a flower, though it can be converted into equity (shares of stock), and thus it may not look all that different (when the figures are added up and deposited into bankers&#39; bank accounts) than stock grants -- which many other banks are handing out to their employees in order to appear to be tying compensation to long-term performance.&lt;/p&gt;&lt;p&gt;But, of course, neither a share of stock nor a CoCo is cash, and thus neither is as desirable to a banker&#39;s wallet as a highly liquid dollar, pound or euro.&lt;/p&gt;&lt;p&gt;Along with the slight shift in pay, Bob mentioned one more thing: that there could be more BarCap job losses -- perhaps as many as 3,000.&lt;/p&gt;&lt;p&gt;(FT via Dealbreaker)&lt;/p&gt;&lt;p&gt;(Related: Barclays Capital Bankers Sacked Without Bonuses)&lt;/p&gt;

Derek Loosvelt

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