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.
-
ScottishPower launches half-price electricity at weekendsNews ScottishPower is offering 50% off electricity at weekends, which could slash hundreds off your bill. We look at who can get it and how to apply
-
Trump calls “tariff” the “most beautiful word in the dictionary”, but investors may disagreeDonald Trump has promised to slap Mexico, Canada and China with new tariffs on day one of his presidency. What does it mean for the economy and investors?
