The Straits Times
Published on Jan 15, 2013

Barclays, Deutsche Bank to cut pay by up to 20%: Sources


FRANKFURT/NEW YORK (REUTERS) - Barclays and Deutsche Bank will take a knife to bonuses for investment bankers in the coming weeks as they seek to tackle high costs, people familiar with the matter said.

Britain's Barclays is finalising bonuses for last year and overall 2012 compensation for investment bankers will fall by between 10 and 20 per cent on average, two sources said.

New Barclays CEO Antony Jenkins is revamping the bank and has pledged to cut pay to lift returns for investors.

Deutsche Bank's investment bankers will see bonuses for 2012 fall by 15-20 per cent, two sources said.