Barclays has lowered bonuses for employees of its investment banking unit, Barclays Capital, by nearly 15% on average, Bloomberg reports. The firm’s managing directors will be paid 50% in cash and 50% in stock, vesting over three years.

The move comes as a result of declines in a number of areas of trading, as well as Barclays’ commitment to Project Merlin, the initiative designed to smooth relations between the industry and the government, adds The Telegraph. At the end of the third quarter, the firm allocated $3.5 billion in bonuses. Barclays allocated a total of $4.32 billion for payouts in 2010.

Click here for the story from Bloomberg.

Click here for additional coverage from The Telegraph.