07:59 AM EST, 01/20/2026 (MT Newswires) -- JPMorgan Chase ( JPM ) and Citigroup ( C ) are considering cutting some of the fixed pay for their senior UK executives, Bloomberg reported Tuesday, citing unnamed sources having knowledge of the matter.

JPMorgan ( JPM ) will decide in the coming weeks whether to pare back or scrap fixed allowances for executives, including senior traders, investment bankers, and compliance executives, a source told Bloomberg.

JPMorgan ( JPM ) believes the strategy will bring UK pay structures closer to its standard international approach and make them more meritocratic, the person told Bloomberg.

Citigroup ( C ) is also planning to change its strategy, another person told the news service.

The banks did not immediately respond to MT Newswires' requests for comment.

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