Barclays Ready to Oust Investment Banking Heads Tom King and Eric Bommensath

Barclays is mulling over whether to oust its investment bank bosses, Tom King and Eric Bommensath, and overhaul its structure as it struggles to contain shareholder anger over bonuses hikes amid falling profits.

According to several media reports, Barclays will review its investment banking business to focus on the most profitable areas. The review, which is underway and will be completed by the summer, could result in thousands of job cuts.

The Financial Times' sources say that "shareholders are also unhappy about rising costs and falling profits" at the investment bank, which is jointly run by US based Tom King and Eric Bommensath in Europe, and it is looking to replace the two bosses.

A Barclays spokesman denied a possible change to leadership in the investment bank

Barclays' CEO Antony Jenkins said last month that he was under pressure to increase staff bonuses and incentive rewards to £2.38bn (€2.9bn, $3.9bn) in 2013, from £2.17bn in 2012, after 10% of its senior director workforce jumped ship.

Investment banker payouts also rose by 13% year-on-year to £1.57bn despite income within this unit being down by 9% to £10.7bn.

Overall, Barclays' adjusted profit before tax for 2013 stands at £5.2bn and statutory profit before tax of £2.9bn. The adjusted profit before tax number for 2013 falls below the £5.4bn analysts' forecast.

In July last year, Barclays called on investors for help to fill a £12.8bn capital black hole.

Despite Jenkins' retail past, he has always said that he'd keep a significant sized investment bank because it contributes a bulk of the group's earnings.