Barclays cuts bonuses in half

Barclays has cut the payouts to its top bosses by half, yesterday revealing that its top 11 executives received £16.5m in shares for deferred bonuses and new awards.

That has fallen from £31.8m a year earlier, reflecting both the increased pressure to reduce payouts, and a strategic shift from investment banking and towards retail banking.

The highest paid on the list was investment banking boss Tom King, who received shares worth £4.7m. He had to sell half of those immediately to pay the tax bill, amounting to £2.28m.