LONDON, Feb 15 (Reuters) – Barclays (BARC.L) has docked the pay of some high executives by a mixed 1 million kilos ($1.2 million) following regulatory missteps and a expensive overissuance of billions of {dollars} value of funding merchandise in the US.
The British financial institution stated in its annual report it had reduce the 2022 bonus for Chief Government C.S. Venkatakrishnan by 403,000 kilos, whereas Finance Chief Anna Cross noticed her compensation docked by 166,000 kilos.
Some long run awards have additionally been clawed again, the financial institution stated, together with from ex-finance chief Tushar Morzaria.
Barclays’ total bonus pool dipped to 1.8 billion kilos for 2022 from 1.9 billion the earlier yr, as a plunge in funding banking charges soured its funds and despatched its shares sharply decrease.
The annual report additionally disclosed that former CEO Jes Staley – who’s being investigated by regulators over how he characterised his relationship with intercourse offender Jeffrey Epstein – was paid 2.3 million kilos in fastened pay and different allowances in 2022.
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The funds included 107,000 kilos to assist him transfer again to the US, the report stated.
Barclays stated Staley was contractually entitled to the funds throughout his 12-month discover interval after leaving in October 2021, including it had made no additional choice on clawing again pay or awards pending the end result of the investigation.
Staley’s unvested awards stay suspended, the financial institution stated.
Barclays stated the bonus cuts for executives additionally mirrored a nice from U.S. authorities over the usage of unauthorised communication channels by employees, after a wider regulatory crackdown on bankers’ use of platforms equivalent to WhatsApp for sharing market-sensitive data.
Venkatakrishnan’s complete pay package deal for the yr was 5.2 million kilos, which the financial institution stated might rise to a most 9.7 million kilos if long-term awards are paid out in full.
($1 = 0.8262 kilos)
Reporting by Iain Withers; Modifying by Sinead Cruise and David Holmes
Our Requirements: The Thomson Reuters Belief Rules.
