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Barclays gives £32m in shares to top managers Barclays gives £32m in shares to top managers
(about 1 hour later)
Barclays has further stoked the row over bankers' pay by handing out shares worth almost £32m to its top management team, including the under-fire chief executive Antony Jenkins.Barclays has further stoked the row over bankers' pay by handing out shares worth almost £32m to its top management team, including the under-fire chief executive Antony Jenkins.
Jenkins – who has insisted the bank had to pay higher bonuses to avoid a "death spiral" caused by a mass walkout of key staff – received shares worth almost £3.8m from bonuses handed him up to three years earlier.Jenkins – who has insisted the bank had to pay higher bonuses to avoid a "death spiral" caused by a mass walkout of key staff – received shares worth almost £3.8m from bonuses handed him up to three years earlier.
Comparisons with a year ago, when the bank incensed politicians by announcing £39.5m of bonuses on budget day, are difficult, as the individuals in the management team have changed dramatically. Comparisons with a year ago, when the bank incensed politicians by announcing £39.5m of bonuses on budget day, are difficult, as the individuals in the management team have changed dramatically.
Rich Ricci, the head of the investment bank, was handed £17.6m a year ago, but has now left. Instead Barclays is making disclosures about the three bankers now running the investment bank and also promoted to the executive committee, which is one rung below the boardroom. Rich Ricci, the head of the investment bank, was handed £17.6m a year ago, but has now left. Instead Barclays is making disclosures about the three bankers now running the investment bank and also promoted to the executive committee, which is one rung below the boardroom.
Skip McGee, who joined Barclays in New York when it took over the Wall Street operations of Lehman Brothers, received £8.8m in shares while the two co-heads in London, Eric Bommensath and Tom King, were handed £8.6m and £3.8m respectively.Skip McGee, who joined Barclays in New York when it took over the Wall Street operations of Lehman Brothers, received £8.8m in shares while the two co-heads in London, Eric Bommensath and Tom King, were handed £8.6m and £3.8m respectively.
A review of Barclays' investment banking operation is already under way and Jenkins is under pressure from shareholders to cut costs and stick to his pledge to reduce the proportion of revenues paid out to bankers.A review of Barclays' investment banking operation is already under way and Jenkins is under pressure from shareholders to cut costs and stick to his pledge to reduce the proportion of revenues paid out to bankers.
The payments to the 12 members of the executive committee relate to vested bonuses that are now due. They also include the first payments of new role-based pay, to get around the EU bonus cap, which restricts bonuses to 100% of salary – or 200% with shareholder approval.The payments to the 12 members of the executive committee relate to vested bonuses that are now due. They also include the first payments of new role-based pay, to get around the EU bonus cap, which restricts bonuses to 100% of salary – or 200% with shareholder approval.
Promoted to the top job in 2012 after Bob Diamond was forced out in the wake of the Libor-rigging scandal, Jenkins is on track to be handed £950,000 a year in new role-based allowances. But, along with the new finance director Tushar Morzaria – who received £1m of shares – he will have to wait until shareholders have voted on the allowances next month. Promoted to the top job in 2012 after Bob Diamond was forced out in the wake of the Libor-rigging scandal, Jenkins is on track to be handed £950,000 a year in new role-based allowances. But, along with the new finance director Tushar Morzaria who received £1m of shares, he will have to wait until shareholders have voted on the allowances next month.
Jenkins waived his bonus for 2013 when the bank raised £5.8bn in a cash call to bolster its balance sheet. He has received £3.8m of shares and was awarded another £4m which will pay out in the years ahead. Jenkins waived his bonus for 2013 when the bank raised £5.8bn in a cash call to bolster its balance sheet. He has received £3.8m of shares and was awarded a further £4m which will pay out in the years ahead.
All the directors sold enough shares to pay their tax liabilities. One, head of risk Robert Le Blanc, sold slightly more than this.All the directors sold enough shares to pay their tax liabilities. One, head of risk Robert Le Blanc, sold slightly more than this.
Barclays' annual report published earlier this month revealed that 481 employees were paid more than £1m last year – up from 428 in 2012. Eight workers were handed more than £5m. However, more than half of the bank's total workforce of 140,000 earned less than £25,000.Barclays' annual report published earlier this month revealed that 481 employees were paid more than £1m last year – up from 428 in 2012. Eight workers were handed more than £5m. However, more than half of the bank's total workforce of 140,000 earned less than £25,000.