Barclays scraps EU bonus cap for senior bankers

Barclays (BARC.L), opens new tab has become the latest bank to substantially raise a cap on bonuses for its top bankers, an internal memo seen by Reuters showed on Thursday.

The lender’s senior bankers will now be able to earn payouts of up to 10 times their base salary, up from a two-to-one ratio previously imposed by the European Union back in 2014 when the UK was a member.

“The revised bonus cap will not alter the way Barclays sets its incentive pool, which is based on overall Group performance,” a spokesperson for the bank, who confirmed the contents of the memo, said.

Source: REUTER