BARCLAYS today announced that is has appointed JP Morgan’s Tushar Morzaria as its new group finance director.
The bank has lured JP Morgan’s chief financial officer of its corporate and investment banking division with a bumper pay package, comprising an annual salary of £800,000, an annual incentive award opportunity worth up to £2m, and a potential future bonus of up to £3.2m. Morzaria will also be eligible to receive a cash allowance in place of a pension of £200,000 per year.
He succeeds Chris Lucas in his new role, which is effective from the autumn.
Lucas will remain at the company to ensure an orderly handover until he retires on 28 February 2014.
“He is an accomplished professional with first class strategic financial management experience built up over 20 years, including the last four as a key leader in JP Morgan Chase's Corporate and Investment Bank.
“He will bring a welcome new perspective to what is a pivotal role, and I am very much looking forward to working with him as we transform Barclays into the 'Go-To' bank.”