Barclays becomes first UK bank to scrap EU bonus cap

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Financial Times 12h ago

Barclays becomes first UK bank to scrap EU bonus cap - Financial Times

Quick Summary:

But the UK removed the cap last year as part of a post-Brexit push to boost the City of London.

Goldman has taken a different approach of cutting base pay but increasing the bonus ratio to 25 times.

Since the cap was introduced in the EU, fixed pay has risen substantially as bankers have demanded that their overall package remain the same, leading critics of removing the cap to question whether it will have much impact on pay levels.