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 The British bank has faced a wave of shareholder criticism over its
decision to raise bonuses last year despite a fall in profits and is
under pressure to cut costs at its investment bank, which is the
subject of a third strategic review in as many years.
Skip McGee, head of Barclays Americas, was awarded nearly 9 million
pounds worth of shares under bonus plans from prior years, the bank
said on Tuesday, the highest payout among Barclay's top managers but
far less than the 17 million pounds awarded to Rich Ricci, Barclay's
former investment bank chief, last year.
Ricci left the bank a month after cashing in his stock award. He had
been a lightning rod for criticism over "fat cat" bankers and his
departure was part of chief executive Antony Jenkins' bid to
overhaul the culture of the bank.
Comparisons with a year ago are difficult as only four individuals
were on the executive committee in both years and it has been
expanded to 12 members from 9 last year. The payments relate to
vested bonuses that are now due.
Eric Bommensath and Tom King, who were appointed as co-chief
executives of corporate and investment banking when Ricci departed,
shared an award of over 12 million pounds with the bulk, or 8.6
billion pounds, going to Bommensath.
The fall in the amounts awarded largely reflects the 25 percent drop
in Barclays' share price. Bommensath and King would have shared an
award close to 17 million pounds had the share price not fallen by a
quarter.
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Jenkins, who has waived his bonus as chief executive for two years
running, received an award valued at 3.8 million pounds under
previous, deferred compensation plans. He received 1.64 million
shares, down from last year when he received 1.8 million shares.
Barclays has said that Jenkins could be paid up to 7.2 million
pounds this year. He will receive 1.1 million pounds in base salary,
363,000 in pension and benefits and a fixed allowance of 950,000. He
could receive up to 1.9 million pounds in annual bonus and 2.9
million in long-term share awards.
Barclays' annual report published earlier this month revealed that
481 employees were paid more than 1 million pounds last year — up
from 428 in 2012. Eight workers were handed more than 5 million.
However, more than half of the bank's total workforce of 140,000
earned less than 25,000 pounds. ($1 = 0.6008 British pounds)
(Reporting by Carmel Crimmins; editing by Stephen Powell and Anna
Willard)
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