jp morgan chase announced it will remove the bonus cap for its UK staff, enabling bonuses up to ten times fixed pay, following Goldman Sachs' lead.
London bankers are set for bigger payouts this year, JP Morgan Chase has now confirmed it will remove the ‘bonus cap’ for its staff in The City.
This move, already announced by American rival Goldman Sachs, allows senior bankers to earn bonuses of up to ten times their fixed pay – whereas the previous cap, brought in to meet EU rules in the past, limited bonuses to twice fixed pay.
JPMorgan employs 22,000 people in the UK, 14,000 of which are in London.
"We believe we have developed one of the most attractive and balanced pay structures in the industry,” the American bank’s spokesperson said in comments to media.
“Fixed pay will remain very competitive, and we will have ample room to reward the highest performers appropriately."
Whilst no longer capped, bonuses at JPMorgan are expected to remain discretionary and performance-driven.
