View more on these topics

Barclays pays bosses £16.5m in shares

Barclays has paid out a total of almost £16.5m in shares from deferred bonus schemes and new awards to its senior management.

The Financial Times reports the payout has come in at half the amount Barclays paid last year, after the bank came in for criticism for increasing bonuses in 2013.

The biggest share award was made to Barclays’ head of investment banking Tom King, who received 1.86m shares worth about £4.7m.

Barclays chief executive Antony Jenkins received almost 1.7m in shares worth about £4.3m, as part of a total pay package of £5.5m. This is the first bonus Jenkins has taken in three years.

The awards have come from bonuses built up over the last five years, and “role-based allowances” designed to get around the European bonus cap which limits bankers’ bonuses to 100 per cent of pay, or 200 per cent with shareholder approval.

Barclays revealed earlier this month it had set aside an extra £750m in relation to foreign exchange manipulation. The bank made a pre-tax profit of £2.3bn in 2014, down 21 per cent from £2.9bn the previous year.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. I think it must be remembered that Jenkins was in a senior position within Barclays when much of the wrong doing was taking place and much has continued to come to light since his appointment as CEO. He may claim that this was historic which may be the case (although he is part of the history) but as far as I can see from the reports these matters have not come to light because of outside investigations rather than voluntarily being disclosed by Barclays. The suspicion has to be that there is much more hidden and will remain hidden unless some outside investigator, regulatory body or a whistleblower discloses these problems. I am not convinced that the dubious (to say the least) culture within Barclays has started to change and perhaps it is more a matter that things are now being better hidden. If there had been a real change in culture then such enormous bonuses would not have been awarded especially when profits went down. If there are funds available to pay such bonuses then surely some of this should be diverted to paying the real losers in the bank scandals, that it to the shareholders who have suffered from low share prices and reduced dividends whilst the culprits have continued to be rewarded by high salaries and bonuses. I have no objection to bonuses but they should only be paid as a result of increasing profits and should come after increased dividends rather than instead of increasing dividends.

Leave a comment