Barclays cuts banker cash bonus cap to £140,000
Barclays is slashing cash bonuses for its investment bankers to £140,000, according to Sky News' Mark Kleinman.
Sky has revealed that the cash cap for bonuses has been cut to £140,000 from the £185,000 seen last year. Barclays is planning to hand out roughly double as much to its employees as it will through shareholder dividends. Revenue paid to staff will increase from 2012's 39 per cent to 40 per cent.
Barclays will disclose bonuses to staff over the course of Friday. This marks the third consecutive year that the bank has capped cash bonuses for investment bankers.
Yesterday, Sky disclosed that Barclays would be increasing its bonus pool for 2013 by roughly 10 per cent to £2.5bn
However, the most senior staff at Barclays' investment bank will be unaffected by the cash cap as managing directors will receive no cash upfront, with bonuses deferred for three years.
A senior source at the bank told Sky that dividends would rise from last year's £800m to over £1bn this year.