Bankers bonuses under threat as industry faces cut backs
Some of the biggest banks in Europe and the US are cutting back on bonuses after a decline in yearly profits.
Credit Suisse is rumored to be considering slashing its bonus pool by up to 60 per cent, while Deutsche Bank is expected to reduce its payouts by 30 per cent.
Barclays is reportedly looking to tighten up its bonuses this year, only paying out to its top performers.
Major banks are expected to report diminished returns due to extensive industry restructuring and repeated fines for misconduct.
Earlier in the month Deutsche Bank co-chief executive John Cryan hit out at bonuses, saying he could not understand what purpose they serve.
Barclays is the latest bank to be brought up by the regulator, forced to pay £72m for failing to carry out checks on clients when carrying out a billion pound transaction.
Earlier this year Deutsche was added to the list of banks sanctioned for rigging global benchmark interest rates.
Despite difficulties in the industry, performance has varied at different divisions.
Nomura clocked up a 41 per cent rise in investment banking revenues, compared to an 18 per cent reduction at Credit Suisse.
Goldman Sachs sales and trading business was up 23 per cent, though Bank of America, Citi, Credit Suisse and JPMorgan Chase reported year-on-year falls in revenues over the first nine month.