‘Material risk takers’ will be eligible for awards of up to 10 times their fixed pay
Barclays has become the first British bank to tell staff it will scrap the bonus cap imposed by the EU, following the UK’s post-Brexit decision to remove the limits last year. The lender follows the UK operations of JPMorgan and Goldman Sachs in telling staff it will raise bonuses. Morgan Stanley’s UK business has told regulators it intends to do so.
“It will allow us greater flexibility to differentiate individual bonuses within a small and defined group of colleagues, enabling Barclays to continue to compete effectively to retain and attract the best talent globally,” the bank said in a statement. Goldman has taken a different approach of cutting base pay but increasing the bonus ratio to 25 times.
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