Barclays managing directors were told on a conference call last week that the junior investment bankers were going to see a 20 to 40% increase in their bonuses/salaries, according to Bloomberg News.
Meanwhile, the MDs on that call were told that their bonuses would be deferred for three years, the report said citing unnamed sources familiar.
The increase in the younger bankers’ pay is apparently to keep them from going to other firms, the report said.
Overall, the bonus pool at Barclays is expected to be smaller this year.
That being said, though, at least they still have a job. Last year, Barclays said that it was going to eliminate 19,000 jobs in an effort to restructure its business. The bank planned to slash 14,000 positions in 2014 and said it will cut another 5,000 by the end of 2016.