More than 1,000 investment bankers at Barclays have been told they will not receive up-front cash bonuses this year.
Managing directors in the group's investment banking arm were informed that their 2012 bonuses would be deferred for at least a year.
The move is part of Antony Jenkins' attempts to rebuild the bank's image, which has been tarnished by Libor and mis-selling scandals.
When the bonuses eventually pay out, they will be split equally between cash and shares.
Mr Jenkins, who took over as Barclays' chief executive last year, has already waived his own £1m due to the bank's problems.
He will present the outcome of a five-month strategic review next week.
Barclays' employees will be told how much they have each been awarded today.
According to reports, workers in the investment banking division with bonuses of less than £65,000 will receive the entire amount in cash. The rest will have their payments deferred under the proposals.Reuse content