Capital Economy, Business and Finance
Barclays’ most senior bankers will now be able to earn bonuses up to ten times their base salary, according to an internal memo obtained by multiple news organisations. The previous bonus cap of twice their base salary – imposed by the European Union in 2014, when the UK was still a member state – has already been lifted by the London operations of US firms like JP Morgan and Goldman Sachs, but Barclays is the first British bank to make the move. Only a relatively small group of high-earning employees – so-called material risk-takers – will be impacted by the change. Barclays says it’s trying to remain competitive with American counterparts in attracting top talent. In 2023, MRTs at Barclays made an average of £1.5 million in total compensation, higher than the average at HSBC, Deutsche Bank, BNP Paribas, UBS or any other large British or European bank.
