Top bankers at Barclays will be able to earn as much as ten times their fixed pay after it became the first British lender to take advantage of the UK’s decision to scrap the bonus cap.
The changes at the FTSE 100 banking group come after Britain last autumn abandoned the limits on variable pay that it inherited from the European Union. Barclays’ new bonus policy will apply to about 1,500 employees who are deemed by regulators to be “material risk-takers” and who work mainly in Britain and the United States.
In a memo to staff, the bank said its revised approach to variable pay would apply from this year. However, it will not change how it sets its wider group incentive pool, telling employees