Barclays, Deutsche Bank to cut pay up to 20 percent: sources | Reuters

Barclays, Deutsche Bank to cut pay up to 20 percent: sources
| Reuters

Britain's Barclays is finalizing bonuses for last year and overall 2012 compensation for investment bankers will fall by between 10 percent and 20 percent on average, two sources said.
New Barclays CEO Antony Jenkins is revamping the bank and has pledged to cut pay to lift returns for investors.
Deutsche Bank's investment bankers will see bonuses for 2012 fall by 15-20 percent, resulting in a similar cut for overall pay for the year, two sources said.
The reduction follows a year of restructuring at Germany's flagship bank and pressure from regulators to clamp down on short-term rewards that can encourage risk taking.