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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

Goldman Sachs to scrap cap on bonuses for hundreds of UK staff

Goldman Sachs United Kingdom European Union
Headshot of Richard Gnodde speaking at an event
Richard Gnodde said ending the UK cap would help level the playing field across Goldman Sachs’ international workforce. Photograph: Reuters

Goldman Sachs has told hundreds of its top UK bankers that it is eradicating a cap on bonuses, in a move that will allow its star performers to earn up to 25 times their annual salary.

Richard Gnodde, chief executive of Goldman Sachs International, made the announcement during a video message to staff on Thursday. It comes months after UK regulators confirmed they were formally scrapping EU rules that previously limited bonuses to twice an individual’s base salary. UK lenders including HSBC, Barclays and NatWest are planning to follow suit.

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