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.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
