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Topics  News & Markets

Barclays slashes bonus pool after 15 pct decline in 2011 profit

By The Associated Press  | February 10, 2012

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 per cent last year to 3 billion pounds ($4.8 billion) from 3.56 billion pounds the year before even though income rose 2.6 per cent 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 per cent from 2010.

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