Barclays PLC (LSE:BARC) has scrapped the European Union-era bonus cap for its British-based bankers, according to a Reuters report.
This move comes after the UK government relaxed restrictions post-Brexit, allowing financial institutions to set their own compensation frameworks.
The EU cap, introduced in 2014, had limited bonuses to 200% of a banker’s fixed salary.
Senior Barclays bankers will now be able to receive bonuses of up to 10 times their base salary, according to the report.
Reuters published a comment from a Barclays spokesperson, stating: "We believe that removing the cap allows us to attract and retain the best talent in a competitive global market.
"It will allow us greater flexibility to differentiate individual bonuses within a small and defined group of colleagues.”