British investment bank Barclays intends to shrink bonuses for its investment bankers. The UK financial institution cuts payments as part of cost savings to improve profitability in a weaker investment unit.

A month ago, the British lender announced the surprise withdrawal of the head of the investment banking unit Tim Throsby as part of the major changes in leadership. The departure of the Australian Tim Throsby should enable Barclays Chief Executive Jes Staley to take over direct control over the three departments that were previously under the control of Throsby.

Britain’s last global investment bank is facing increasing pressure from investor activist Edward Braham, who calls for a separation of the division and a seat in the board of directors. He holds 5.5% of the Bank’s shares through Sherborne Investors, making him the third largest shareholder. The annual general meeting of the bank will take place on May 2.

Barclays has been lagging behind in investment banking for years, even from its own guidance. Last year, the division managed to improve its return on tangible equity (ROTE) to 7% but still does not earn as much as its capital costs and is still far from the medium-term target of a 10%.