Investment Banking

Barclays joins Wall Street’s bonus cap scrap. But are bankers any better off?

Banks are taking different paths as they scrap long-standing caps on bonuses, but dealmakers are unlikely to get huge payouts in the short-term

Barclays is the first non-Wall Street bank to scrap the UK bonus cap, yet it’s not all good news for dealmakers
Barclays is the first non-Wall Street bank to scrap the UK bonus cap, yet it’s not all good news for dealmakers Photo: Hollie Adams via Getty Images

Banks are scrapping long-standing limits on bonuses for UK staff, but the compensation overhaul is unlikely to mean a return to pre-crisis excess for most dealmakers and traders.

Barclays became the first non-US bank to formally scrap the bonus cap for its 1,600 senior bankers known as material risk-takers on 8 August.

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