Barclays Joins Rivals in Scrapping Cap on Top Banker Bonuses
- Latest move applies to British lender’s material risk takers
- They can now earn bonus that’s as much as 10 times base salary
The Barclays offices in Canary Wharf, London.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Barclays Plc is removing an EU-era limit on some of its top bankers’ and traders’ bonuses, joining rivals Goldman Sachs Group Inc. and JPMorgan Chase & Co. in ditching the cap.
The change will allow the company’s so-called material risk takers to now earn a bonus that’s as much as 10 times their base salary, according to an internal memo seen by Bloomberg News. That’s up from a current limit that restricts certain employees’ bonuses to two times their fixed pay.