Investment Banking

Banks will not challenge UK bonus cap, bosses say

Citigroup, Santander chiefs are not lobbying to lift the limit on banker bonuses

Bankers’ bonuses have been in sharp focus this year as the UK weathers an outpour of skilled workers to other European hubs amid institutional reshuffles from the likes of Citi, JPMorgan and Santander
Bankers’ bonuses have been in sharp focus this year as the UK weathers an outpour of skilled workers to other European hubs amid institutional reshuffles from the likes of Citi, JPMorgan and Santander Photo: Dan Kitwood/Getty Images

The City’s top banks have no interest in lobbying to change the controversial limit placed on UK banker bonuses, a raft of bosses and lobbyists have said, despite an exodus of London talent to European hubs in the wake of Brexit.

Citigroup’s Europe, Middle East and Africa chief executive David Livingstone said the bank does not view the bonus cap as a priority in its lobbying activity with regulators.

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