Barclays Lifts Cap on Banker Bonuses

Barclays has become the first British bank to lift the cap on bonuses for its senior bankers, allowing payouts of up to 10 times their base salary, a significant increase from the previous limit of two times. This change aligns with recent moves by JPMorgan and Goldman Sachs and follows the UK government's removal of the cap last year to enhance the competitiveness of the financial sector. Shareholders overwhelmingly supported this change at Barclays' annual general meeting. Despite the increase in bonus potential, Barclays stated it will not alter the overall incentive pool structure, which remains based on group performance. Employees in Ireland will still be subject to EU bonus limits. The shift reflects broader trends in the banking sector aimed at attracting and retaining top talent post-Brexit.