Citigroup Lifts Pre-Brexit Cap on Top London Bankers’ Bonuses

Citigroup Inc.is lifting the limit on some of its top UK bankers’ and traders’ bonuses, following in the footsteps of rivals like JPMorgan Chase & Co. and Barclays Plc.

The change will allow the Wall Street firm’s so-called material risk takers to now earn a bonus that’s as much as six times their base salary, according to an internal memo seen by Bloomberg News. That’s up from a previous limit that restricted those employees’ bonuses to two times their fixed pay.

For now, Citigroup isn’t planning to substantially change these staffers’ fixed pay, according to the memo. That’s ...