Key facts
- UK bankers' pay has surged after the removal of the bonus cap.
- Top earners at Barclays and HSBC received payouts exceeding 50%.
- Some payouts reached nearly €20 million in 2024.
- These are the highest payouts since 2014.
- The UK's financial regulator is preparing to impose larger fines.
- The regulator is signaling a tougher stance on financial misconduct.
- The bonus cap previously limited bonuses to twice an individual's salary.
The removal of the UK's banker bonus cap has resulted in substantial pay increases for top executives at major financial institutions. At Barclays and HSBC, top earners have seen their payouts increase by over 50%, with some reaching nearly €20 million in 2024. These figures mark the highest bonus payouts observed since 2014, indicating a significant shift in compensation following the regulatory change.