Barclays is cutting investment bank jobs across its global offices and slashing the bonus pool by up to 10%, according to a report by Bloomberg News.
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.
Business Insider Emails & Alerts
Site highlights each day to your inbox.