Barclays pays £16.5m in share awards to executives

LONDON, March 18: British banking giant Barclays paid £16.5m in shares to its top 11 executives, which is half the amount it paid out last year.

Its executives received £32m in a share payout in 2014 – sparking criticism over excessive pay when the investment bank’s profits were down.

The shares were payment for role-based allowances and bonus schemes.

The bank is in the middle of a probe over alleged manipulation of foreign exchange rates.

Barclays has said that it has put aside £1.25bn.

Tom King, head of the investment bank, was awarded the highest amount in shares, worth £4.7m.

The bank’s chief executive, Antony Jenkins – who took his first bonus in three years this year – received shares worth £4.3m.

Another nine executives were awarded almost 3 million shares priced at £2.535 on the day they were paid out, according to a regulatory filing.

Earlier this month, a leading pension body had called for the chair of Barclays’ pay review committee to resign, accusing the bank of “misleading shareholders” over its pay policy.

The bank this month reported a 21% fall in its pre-tax profits for 2014 as it set aside more funds to cover potential fines for misconduct.