Summary Box: Barclays cuts bonuses after '11 fall

AP News
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Posted: Feb 10, 2012 2:27 PM
Summary Box: Barclays cuts bonuses after '11 fall

BONUSES CUT: Barclays PLC revealed Friday that it is slashing its bonus pool after earnings at its investment banking division fell sharply and dented overall profitability.

BOTTOM LINE: The bank's profit after taxes fell 15 percent last year to 3 billion pounds ($4.8 billion) from 3.56 billion pounds the year before even though income rose 2.6 percent to 33 billion pounds.

BELT-TIGHTENING: The bank said the average bonus for Barclays Capital employees will be 64,000 pounds ($101,000), down 30 percent from 2010.