Barclays to cut bonus payouts
Barclays is set to slash investment bankers' bonuses for 2012 in order to cut back total pay for the year by up to 20 per cent on average, Reuters reported Monday.
Barclays is set to slash investment bankers' bonuses for 2012 in order to cut back total pay for the year by up to 20 per cent on average, Reuters reported Monday.
The UK-based bank is finalising bonuses for last year as its new boss seeks to tackle high costs, sources told the news agency.
The overall compensation for investment bankers will fall between 10% and 20%, they said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Newly-appointed Chief Executive Officer Antony Jenkins has said he would cut pay to lift returns for investors as he restructures the bank.
Sources added he was trying to cut compensation in the investment bank to 39% of its income last year, down from 47% in 2011.
Barclays declined to comment.
Jenkins will announce 2012 results and the bank's revamp plans on February 12th.
Employees are expected to be advised of bonus details in early February.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
High earners’ four money pain points – and the one simple way to beat them
Above average earners are juggling high levels of debt so a sudden hit to their income could mean serious financial hardship. But there is a cost-effective solution.
-
Thousands of Brits switch to Nationwide, Monzo and HSBC – which banks are least popular?
As current account bank switches reach a record high, we look at the most and least popular banks and building societies among Brits. Is it worth switching?