JPMorgan Chase and Citigroup are contemplating reducing fixed pay for senior UK executives in response to local remuneration regulations. The changes may affect material risk takers, such as senior traders and investment bankers. UK regulators eased bonus deferral requirements, prompting banks to review compensation structures. JPMorgan and Citigroup declined to comment on potential adjustments. Regulatory reforms have led to remuneration policy changes at major banks in London. Goldman Sachs Group reduced fixed allowances for material risk takers in 2024. HSBC Holdings has eliminated fixed-pay allowances for executive directors. Citigroup’s new rules aim to maintain competitiveness within the global framework while offering flexibility in executive pay structures. JPMorgan’s review of fixed allowances was influenced by the same regulatory changes. Bank of America, Barclays, and Morgan Stanley did not comment on their pay structures. BNP Paribas confirmed it will not alter its allowance policy. JPMorgan may shift a larger portion of compensation to cash and immediately-vested stock in 2025 if fixed allowances are reduced.

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