Goldman will allow star traders and deal makers to earn up to 25 times their salary. The bank is trying to make London more attractive to top bankers after Brexit.
| Goldman Sachs has scrapped the bonus cap for its British bankers in a move that will allow star traders and deal makers to earn up to 25 times their salary in performance-linked awards.
It comes amid a broader debate about executive pay in Britain, with some bosses blaming lower pay in the UK compared to the US for the decline of the London Stock Market. The bonus cap was introduced across the EU in 2014 to crackdown on the perceived excesses in banking in the aftermath of the financial crisis.Barclays investment bank head Rich Ricci pocketed £18 million in bonus shares in 2013, the year before the bonus cap was introduced. That year Barclays paid more than 400 bankers more than £1 million split between pay and bonuses, including five who received more than £5 million.
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