Finance
Barclays Keeps Lid on Banker Pay Even After UK Scrapped Cap
- Barclays still limited bankers’ bonuses to two times base pay
- Move comes as bankers recently endured a grim bonus season
A Barclays bank branch in Barking, UK.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Barclays Plc left a cap on its bankers’ bonuses even after regulators told lenders they can pay their staff as they like as part of the government’s broader push to make post-Brexit Britain more attractive as a financial center.
The bank’s board continued to limit bankers’ bonuses to a maximum of twice their base pay for their performance in 2023, a cap that was in line with the UK government’s earlier requirements, Chairman Nigel Higgins said in a letter to shareholders. The board’s remuneration committee will consider lifting that cap in 2024 and beyond, he said.