Bonus cap: Barclays will not change the way it determines its pool

Business Business: Senior bankers at the lender will now be able to receive payments of up to 10 times their basic salary, up from the two-to-one ratio imposed by the EU in 2014 when Britain was a member, according to an internal memo seen by news agency Reuters. A spokesman for the bank said: “The revised bonus cap will not change the way Barclays determines its incentive pool, which is based on overall group performance. “It will also provide us with greater flexibility to differentiate individual bonuses within a smaller and defined ‘group’ of colleagues.” Banks including Goldman Sachs and JPMorgan have already taken similar action, with the moves first revealed by Sky News. Barclays shareholders voted in favour of the bank’s proposal to remove the cap at a shareholder meeting earlier this year.