LONDON (Reuters) - Barclays
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 pounds allowed last year, the source said.
Barclays declined to comment.
Sky News, which first reported the cap, said Barclays will pay between 2.3 billion pounds and 2.4 billion pounds in incentive awards for 2013, which would be up to 11 percent higher than 2012.
Other banks have also set limits on upfront cash awards and Deutsche Bank
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 1.3 billion pounds last year, which was broadly evenly split between cash upfront, deferred cash and deferred shares awards.
(Reporting by Steve Slater; Editing by Elaine Hardcastle)