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PPI payouts impact on profits at Barclays

Money lost through payment protection insurance (PPI) mis-selling cases has contributed to declining profits at one of the UK's major banks.

Barclays has revealed details of its financial performance in the 12 months leading up to December 31st 2011 and bosses said that pre-tax profits were recorded at £5.9 billion.

This was a three per cent reduction on the previous year and much of the downturn has been attributed to PPI compensation losses.

As a result, leaders have confirmed that employees will receive reduced perks in 2012. A total bonus pot of £2.15 billion has been set aside for the year, with the average employee receiving rewards that are around 25 per cent lower than in previous years.

Bankers' bonuses have been a hot topic lately, as reports that the state-owned Royal Bank of Scotland was set to offer its leader Stephen Hester nearly £1 million in shares caused a public outcry.

Mr Hester has since turned down the package, after he came under increasing pressure from consumer groups and the Labour Party.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.

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