Barclays to cut bonus pool to below 2b pounds: Sky News

[LONDON] Barclays is set to reduce its bonus pot for 2014 to less than 2 billion pounds (US$3.1 billion), down at least 16 per cent from its controversial payout in the previous year, Sky News reported.

Barclays, which has the largest investment bank of Britain's lenders, will say bonuses fell below 2 billion pounds for 2014 when it reports results on March 2, compared with 2.4 billion for 2013, Sky said, citing an insider.

Lloyds Banking Group and Royal Bank of Scotland will also both reduce their bonus pots for 2014 when they report next week, and payouts across the three banks will be about 15 per cent lower than for 2013, Sky said.

Barclays, Lloyds and RBS declined to comment.

REUTERS