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March 18, 2014

Barclays Bosses Get $53.2 Million in Shares

“Barclays PLC on Tuesday said it gave £32 million ($53.2 million) in shares to a dozen of its top executives, including a £3.8 million pay award to Chief Executive Antony Jenkins, amid a growing controversy with shareholders over its pay practices.

“The bank said it handed out the shares on Monday for bonuses, other incentive programs and a new set of role-based allowances. The top beneficiaries were Skip McGee, CEO of Barclays’s U.S. arm, with a £8.9 million award, and Eric Bommensath, the bank’s London-based co-head of corporate and investment banking, who received £8.6 million worth of shares at 232.59 pence apiece.

“Barclays’s other investment-banking co-head, Tom King, received £3.8 million in shares and Finance Director Tushar Morzaria got shares currently worth £1.1 million. Other executives on the list included Barclays’s heads of retail banking and credit cards and its top lawyer.

“The awards come as Barclays is drawing criticism from some of its shareholders over pay. Last month, the bank said it would pay £2.4 billion in 2013 performance bonuses, despite posting a 32% fall in underlying pretax profit for the year. Dividends paid to shareholders for the year were around £860 million.”


Read full Wall Street Journal article here.

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