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February 4, 2014

Bankers adjust their bonus caps

“Barclays’ chief executive Antony Jenkins said on Monday that he would waive his bonus for the second year in a row, highlighting the contrasting fortunes of top-earning bankers as their pay has yet again shot up high onto the public agenda.

“Mr Jenkins’s move – which he based on the bank’s litigation issues, restructuring and rights issue last year – came just days after it emerged that Lloyd Blankfein, Goldman Sachs’ chief executive, will pocket a $23m package for 2013.

“Michael Sherwood, co-head of Goldman Sachs International, will receive a $19m all-share bonus for last year.

“With the bonus season in full swing, a string of news has emerged in recent days that mostly added to the broader public perception that banks continue to pay huge packages while at the same time trying to get around new rules, for example by awarding share-based allowances.”

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Read full Financial Times article here

 
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