Bloomberg reports that Barclays will reduce its IT spending by billions of pounds after developing its own cloud-based technology, the Sunday Times reported, without saying where it got the information.
The bank, which is also beginning to use Linux’s operating system, could reduce its IT costs by 90%, the London-based newspaper said without attribution.
In the meantime, MarketWatch reports that Deutsche Bank which asked an external independent panel to review its pay practices, is planning substantial cuts to the variable portion of its staff's pay, weekly magazine Der Spiegel reports Sunday.
The bank's investment bankers can expect an average 15% to 20% decline in variable remuneration, the magazine reports, citing people close to the bank.
Finally, Reuters reports that German regulator BaFin will scrutinise pay policies at two dozen top banks because of doubts over whether lenders are correctly implementing stricter bonus rules, Frankfurter Allgemeine Sonntagszeitung said.