Barclays plans to cut bonuses for underperforming investment bankers amid a capital markets slump. The plan could lead to more departures after pay cuts and restructuring shook the bank. Barclays' stock has lagged behind rivals, which some say is due to its bloated investment banking arm. Those departures were spurred by a shake-up in Barclays' investment banking arm, which included pay cuts as high as 40% for some managing directors. A similar crisis occurred in 2019 after the head of the investment banking unit stepped down unexpectedly.

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Persons: —, Paul Compton, Goldman Sachs, J.P, Morgan Chase Organizations: Barclays, Service, Bloomberg, Business, Wall Street Journal, Tesco