Barclays Joins Rivals in Scrapping Cap on UK Banker Bonuses.

Barclays Plc has decided to remove the cap on bonuses for some of its top bankers and traders, potentially allowing them to earn larger paychecks. The change will enable these employees, known as "material risk takers," to receive bonuses up to 10 times their base salary, compared to the previous limit of two times their fixed pay. This move follows the UK government's decision to lift the cap on bankers' bonuses last year. Other banks, such as JPMorgan Chase & Co. and Goldman Sachs Group Inc., have also taken steps to remove their own bonus limits. Barclays does not currently plan to make significant changes to fixed pay for its staff. [Extracted from the article]