Barclays staff to share £1.2bn in bonuses despite drop in profits

The 15% fall in profits follows costs of US trading blunder and money being put aside for defaults by borrowers

Barclays staff will share 1.2bn in bonuses this year despite a 15% drop in the bank's annual profits, having been hit by the costs of a US trading blunder and more money being put aside for a potential jump in defaults by borrowers.

The bank revealed in its annual report on Wednesday that its staff bonus pool would go relatively untouched, with top performers to share 1.2bn between themselves for their work in 2022. That is down only 3% compared with last year. Including deferred bonuses, the pool was down 8% at 1.8bn.