Barclay’s investment bankers to see salaries cut by up to half as profits fall

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Barclays is to cut the salaries of some of its leading investment bankers by as much as half in a bid to reduce costs and show that the bank has fundamentally changed following the financial crisis.

The bank – working to rebuild its reputation after the exit of chief executive Bob Diamond and chairman Marcus Agius following the Libor scandal – will undertake the drastic measure after a series of reviews into the future of its investment banking arm.

The Sunday Telegraph understands that investment bankers who earn a base salary of between £500,000 and £3m will see their salaries cut by between 30pc and 40pc.

In certain instances, salaries will be cut by as much as half. The reductions – still to be finalised by senior management within the division – will be drafted in at the start of next year following conversations with those concerned. Click below for full story - 

 IMAGE: AP