Barclays is defying new curbs on City bonuses, it emerged yesterday, as it and HSBC revealed a return to bumper profits.

Barclays is defying new curbs on City bonuses, it emerged yesterday, as it and HSBC revealed a return to bumper profits.

Three investment bankers at Barclays have been guaranteed two years’ worth of bonuses, despite rules recommending that such deals be banned. Barclays Capital, its investment arm, has also hired about 200 financiers, guaranteeing their bonuses for a year.

The details emerged as Barclays reported £2.99 billion in profits for the first half of 2009, boosted by the stellar performance of Barclays Capital. HSBC reported profits of £2.95 billion.

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