Barclays has cut back its bonus pool following a tough year for its investment bank, as the UK lender reported a 15 per cent decline in full-year profits.
The bank trimmed the overall bonus pool by 3 per cent, from £1.8bn to £1.75bn, which it blamed on “the lower year-on-year financial outcomes in some business areas”.
Profits at the corporate and investment bank fell 21 per cent during the year to £2.7bn. Trading revenue dropped 18 per cent to £7.2bn, while investment banking fees declined 12 per cent to £2bn.
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