And while Elhedery had already said he would cut jobs and let some of his most senior staff go, he shocked bankers last month by announcing plans to shut parts of its investment banking operations – including those handling mergers and acquisitions, and equity fundraising for listed companies – in the UK, US and Europe.
Fears over a combined £44bn compensation bill over the motor finance commission scandal could also cast a cloud over full-year earnings for UK banks, including Lloyds and Barclays.
Barclays bulked up its half-year bonus pool for the first time in three years in August, signalling that there could be larger payouts for bankers who can now earn 10 times their salary since the EU bonus cap was scrapped.
Its dealmakers are also set fair, as bankers step into the “go mode” some claim Donald Trump’s return to the White House has injected into Wall Street, where the UK bank has offices.
The fortunes of Britain’s biggest lenders may well be reflected by a mix of celebratory champagne and commiserative pints by next week, as bankers with an eye on their bonus assess the fallout from a patchy earnings season.
