Top investment bankers paid most at Barclays
SENIOR executives at Barclays saw their share awards drop by around 20 per cent for 2013, the bank’s figures showed yesterday.
The drop for the top 12 staff comes after a poor year for the bank – adjusted profits fell 32 per cent compared with 2012, and executives are under pressure from shareholders and politicians to cut their payouts.
Investment banking bosses Eric Bommensath and Skip McGee led the share awards league table.
US boss Skip McGee was the best paid with 3.8m shares worth around £8.9m. Bommensath was second, bringing in 3.7m shares worth around £8.6m at yesterday’s opening price.
Though large, those payouts are down on the biggest bonus of last year – then-investment banking boss Rich Ricci was awarded 5.7m shares for 2012, which were worth £17.6m at the time.
Chief executive Antony Jenkins saw his award cut 9.6 per cent to 1.64m shares, worth £3.8m.
He turned down his bonus for 2013 and for 2012, but is still receiving awards for previous years when he headed Barclays’ business and retail banking arm.
His successor in that role, Ashok Vaswani saw his awards rocket – the executive received almost 360,000 shares, up 67 per cent on the year.
Barclaycard boss Valerie Soranno Keating also saw her award rise, increasing 3.7 per cent to 404,000 shares.
All of the top 12 bar Jenkins and finance boss Tushar Morzaria are receiving role-based pay allowances as part of the awards. These are fixed share awards, rather than bonuses, allowing the bank to maintain pay levels even as the EU’s bonus cap comes into effect.
Jenkins and Morzaria expect to receive the allowances but must first run the plan past shareholders.