Barclays becomes first UK bank to lift cap on bonuses

Memo to staff reveals dropping of restriction, allowing payouts worth up to 10 times bankers’ salaries

Barclays has become the first UK bank to formally lift the cap on bankers’ bonuses originally imposed by the EU, opening the door for staff to receive 10 times their salaries in payouts.

The announcement was made through an internal memo to staff on Thursday, four months after shareholders at Barclays’ AGM approved the move to drop the measure, which previously limited bonuses to two times bankers’ salaries.

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