UK Business & Employment News
Goldman Sachs First To Remove Cap On Banker Bonuses
Goldman Sachs has removed the cap on bankers' bonuses, making it the first major bank to do so following changes in UK regulations last year.
The bank believes the move offers "greater flexibility."
Bosses also say it aligns more closely with practices in other major financial centers like Singapore and New York.
Bonuses were capped at twice the basic salary, a restriction put in place by the EU in 2014.
This policy aimed to curb the excessive risk-taking seen during the 2008 financial crisis.
However, it was met with resistance from the UK.
It has been criticized for leading to higher base salaries, which are more difficult to reduce or reclaim in cases of poor performance or misconduct.