Banks slash bonuses as Miliband attacks pay - papers

Labour leader Ed Miliband will next week launch an attack on bonus culture in all sectors by calling for a Commons vote on the practice.

In a speech today, Miliband will pledge to use the Commons debate to say that "too many are getting bonuses which are too big, too often," the Guardian reports.

"All companies must show responsibility, but banks have a particular responsibility, because they are either directly or indirectly supported by the taxpayer," he will say.

The news comes after Barclays announced last night it will slash bonuses by a third for 24,000 employees in its investment banking business.

However, Barclays has announced it will only cut pay for middling and junior staff, and would not confirm if the cuts will apply to top executives, the Daily Mail reports.

Meanwhile, top bosses at Lloyds who presided over the takeover of Halifax Bank of Scotland (HBOS) will not receive £6m in share bonuses which they were promised as part of a long-term incentive in 2009.

Former chief executive Eric Daniels, executive director Archie Kane, investment banking head Truett Tate and retail banking boss Helen Weir will miss out on bonuses of up to £1.9m, the Daily Mail reports.

It is understood the bank is withdrawing the bonuses in light of the row over Royal Bank of Scotland (RBS) chief executive Stephen Hester's payout.

Hester was due to collect a bonus of almost £1m, but gave up the money after a public outcry.