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
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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.