Barclays, Deutsche Bank to slash pay by up to 20 percent

  • Barclays and Deutsche Bank are set to slash bonuses for investment bankers in a bid to cut costs, according to people familiar with the matter.

    Overall bonuses for 2012 are expected to fall by between 10 percent and 20 percent on average at Britain's Barclays.

    Meanwhile, Deutsche Bank is likely to cut bonuses for 2012 by 15-20 percent.

    Both Barclays and Deutsche Bank declined to comment.