Bloomberg - Top firm boss said to warn some staff face bonus cuts

No Pot Of Gold

Don't be in the bottom half.

Bloomberg News reports that Barclays’ top investment banker has told staff he’ll sharpen divisions in bonuses this year, boosting pay for top performers while cutting it for those in the bottom half, people familiar with the comments said.

Tim Throsby, recruited from JPMorgan Chase in January to turn around the faltering trading division, said those consistently ranked in the lower half should expect to see their compensation shrink, while those in the top quartile will see it grow, according to people briefed on the remarks. The comments were made at a townhall for European staff this month.

Barclays must apply a greater degree of differentiation in pay, he repeated multiple times, responding to a question from the audience, the people said. A Barclays spokeswoman declined to comment on the remarks.

Hit the link below to access the complete Bloomberg News article:

Barclays Warns Half of Bankers Are at Risk of Pay Cuts

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