LONDON (ShareCast) - Barclays (LSE: BARC.L - news) 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.
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.