Barclays, Lloyds and RBS cutting bonuses by 15%

19th Feb 2015 14:18

Three British banks are planning to reduce their bonus pot for 2014 by 15% compared with previous years, according to reports.Barclays, Lloyds Banking and Royal Bank of Scotland (RBS) will award combined bonus pot worth £2.8bn.While Lloyds and RBS will collectively give £875m in bonuses, Barclays will cut its pay outs by 17% to less than £2bn compared to £2.4bn paid in 2013, Sky News reported on Thursday.RBS has paid £6.5bn in bonuses since its state bailout by six years ago. It remains 81%-owned by the taxpayer, via the government-run UK Financial Investments vehicle, which also still owns almost 25% of Lloyds.Barclays is believed to be cutting the payouts following previous year's controversy when the bonuses increased despite profits falling.