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Ok, so it is slightly old news (nearly 10 months now) but this great bit of PR has stuck in my mind ever since I read about it in PR Week (where I’ve taken the article from).

During the height of the recession, when money worries were foremost in the minds of the majority of consumers, the boss of Barclays turned down his bonus. It’s not like banks hadn’t been in the limelight for laying off staff, previously forbidden mergers, loans from the tax payer, so what a genius move to say, ‘No, I don’t want to take this money while consumers are struggling’.

Instant integrity in the eyes of shareholders and tax payers; a boost to the man himself; to the Barclay’s brand and it makes competitors look bad all in the same simple action of shaking your head and releasing a well timed statement.

Other banks, who had already watched their reputation suffer in the public limelight while Barclays stood quietly in the background, were left flailing to follow suit – whether they’d intended to do it all along or not it certainly looks like their hands have been forced by Varley and Diamond’s actions.