NEW YORK/LONDON – Barclays will cut investment bankers' bonuses for 2012 in a move that will cut their total pay for the year by up to 20 percent as the British bank's new boss seeks to tackle high costs, people familiar with the matter said.
Barclays is finalizing bonuses for last year and overall compensation for investment bankers will fall by between 10 percent and 20 percent on average, two sources said.
New Barclays CEO Antony Jenkins is revamping the bank and has pledged to cut pay to lift returns for investors.
He aims to cut compensation in the investment bank to 39 percent of its income for 2012, one of the sources said, down from 47 percent in 2011.
Barclays declined to comment. Jenkins will deliver his restructuring alongside 2012 results on February 12, and staff are expected to be told bonus details in early February.
(Reporting by So-Young Kim in New York and Sophie Sassard in London; Editing by David Cowell)