BARCLAYS SCRAPS EU BONUS CAP FOR SENIOR BANKERS

Barclays has become the latest bank to substantially raise a cap on bonuses for its top bankers. 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 change only applies to so-called material risk takers (MRTs), a regulatory designation for a class of employees whose activities could have a big impact on a firm. Banks including Goldman Sachs and JPMorgan have already made similar moves to their variable compensation structures for their top UK-based bankers.

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