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London - Absa's parent company, Barclays will impose a cap of £140 000 ($228 600) on cash bonuses for its investment bankers for 2013, a lower limit than last year, a person familiar with the matter said on Friday.
Barclays has capped upfront cash bonuses for investment bank staff for the last three years, and the limit for 2013 is below the £185 000 allowed last year, the source said.
Barclays declined to comment.
Sky News, which first reported the cap, said Barclays will pay between £2.3bn and £2.4bn in incentive awards for 2013, which would be up to 11% higher than 2012.
Other banks have also set limits on upfront cash awards and Deutsche Bank had capped cash bonuses at €300 000 for the last two years, sources said.
Barclays' cap will not affect managing directors in the investment bank, who already have to fully defer their bonuses.
Barclays' investment bankers were awarded bonuses of £1.3bn last year, which was broadly evenly split between cash upfront, deferred cash and deferred shares awards.
