Barclays Becomes First UK Bank To Lift EU Cap On Bonuses

The formal lifting of the cap on bonuses, originally imposed by the EU, opens the way for staff to receive up to 10 times their salaries in bonus payments.

The move by Barclays follows similar announcements by Wall Street banks, including JP Morgan and Goldman Sachs. I Photo: Money Bright Flickr

The move is part of a wider post-Brexit push to boost the City of London, Euronews reported.

The announcement was made in an internal memo to staff. It came four months after shareholders at Barclays' AGM approved a move to drop the measures which had restricted bonuses to two times bankers' salaries.

Although Barclays is the first UK bank to make the move, all the major UK lenders, including Lloyds and HSBC, are in the process of lifting the cap, which was a key reform introduced by the EU following the 2007-2008 financial crisis.

The move by Barclays follows similar announcements by Wall Street banks, including JP Morgan and Goldman Sachs.