Pay soars at Barclays and HSBC after end of UK banker bonus cap

One HSBC banker was paid up to 16.6m in 2024 while figure at Barclays was 14.8m after loosening of pay rules

The demise of the UK banker bonus cap has sent pay soaring at Barclays and HSBC where the highest-paid bankers have received their biggest payouts since at least 2014.

Analysis of pay documents released this month shows payouts for their most expensive staff surged more than 50% to nearly 20m (16.6m) last year, after the banks took advantage of looser pay rules and allowed staff to be paid bonuses worth 10 times their salary.