REPORT: Barclays is slashing its bonus pool by 10%
Reuters
Bloomberg also reported that Barclays would delay announcing bonuses to staff by a few weeks to March.
The report, from Ambereen Choudhury and Stephen Morris, cites a person familiar with the situation as saying the bank would slash investment banking jobs in London, New York and across Asia.
The bank, like many others, is restructuring its business, driven by tougher regulation which makes it more expensive to run some investment banking operations.
A spokesman for Barclays' investment bank couldn't be immediately reached for comment.
Meanwhile, investment banking pay has come under scrutiny from both regulators and CEOs.
Credit Suisse CEO Tidjane Thiam said last week that the current pay model for investment banks "does not work." In October, Barclays' own Chairman, John McFarlane, also argued that bankers earned too much.
In October, Deutsche Bank's CEO, John Cryan, referred to his firm's "inflexible compensation culture" as a "significant challenge" in a presentation.
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