Barclays cuts 2011 bonus pool

Banking giant Barclays slashed the bonus pool for its investment banking arm by 32% in 2011 to £1.5bn (€1.78bn0)amid mounting pressure over the controversial payouts.

The average bonus for staff at Barclays Capital was cut by 30% to £64,000 (€76,318) as volatile market conditions saw the powerhouse division's profits slide 32% to £2.96bn.