Another One Bites The Dust: Barclays To Cut Banker Pay By 25%-30%

This is coming from Bob Diamond, the CEO who has fired has fired up to 40 bankers for being jerks, prima donnas or overly ostentatious.In short: Bob Diamond knows we're living in a new era. That's why banker pay at the British bank will be cut by 25% to 30%, Bloomberg reports.The firm will also fire 5% of its senior banks (read: most expensive employees), that means executive directors and managing directors.From Bloomberg:Barclays also plans to cut remuneration for more junior employees such as vice presidents, associates and analysts, the people said. The London-based bank plans to reduce pay for third-year vice presidents, which can be as much as $750,000 a year, by about $100,000, the people said.The reduction will trigger similar pay cuts for more junior vice presidents, associates and analysts, the people said. In past years, base pay for junior bankers, who typically comprise three-fourths of a Wall Street firm’s employees, would rise by 15 percent to 20 percent annually, even in lean years, the people said. Please follow Clusterstock on Twitter and Facebook.Join the conversation about this story »See Also:Goldman's Blankfein Receives A $2.69 Million Portion Of His Pre-2011 Equity PayRBS Chairman 'Declines' A Bonus He Likely Wouldn't Have Gotten AnywayOne Park Avenue Millionaire Uncovered The Secret To Calming Bonus Backlash

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