JPMorgan, Citi Weigh Ending Fixed Pay Allowance for UK Staff (1)

JPMorgan Chase & Co. and Citigroup Inc. are considering cutting some of the fixed pay for their senior UK executives, part of an ongoing shift toward the more bonus-heavy compensation packages of their New York counterparts.

JPMorgan will decide in the coming weeks whether to pare back or scrap fixed allowances for so-called material risk takers, including senior traders, investment bankers and compliance executives, according to a person familiar with the matter. Citigroup is also looking at changing its approach, another person said.

The potential moves follow last year’s regulatory overhaul of banker remuneration rules aimed at boosting the competitiveness ...