JPMorgan, Citi Weigh Ending Fixed Pay Allowance for UK Staff

JPMorgan Chase & Co. and Citigroup Inc. are considering cutting some of the fixed pay for their senior UK executives, part of an ongoing shift toward the more bonus-heavy compensation packages of their New York counterparts.

JPMorgan will decide in the coming weeks whether to pare back or scrap fixed allowances for so-called material risk takers, including senior traders, investment bankers and compliance executives, according to a person familiar with the matter. Citigroup is also looking at changing its approach, another person said.