Barclays is preparing a radical overhaul of its troubled investment bank in a move which is expected to result in thousands of job cuts, adding to pressure on the division’s two heads.
The shake-up comes amid growing investor disquiet about the bank’s decision to increase bonus payments by 10 per cent to a total of ￡2.4bn last year in spite of a one-third fall in its pre-tax profits.
Shareholders are also unhappy about rising costs and falling profits at the investment bank, which is jointly run by Tom King in the US and Eric Bommensath in Europe.
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