Barclays" bosses to receive share awards despite year mired in scandals

By

Daily Mail City Finance

|

Share awards: Barclays chief executive Antony Jenkins could benefit from up to three different reward schemes

Barclays chief executive Antony Jenkins and his top team will receive shares worth millions of pounds this week as Britain braces itself for another tough Budget.

While the Chancellor will continue to resuscitate the economy, the bank boss will receive about £4million in awards, despite another year mired in scandal.

Jenkins could benefit from up to three different reward schemes, including shares from previous bonus schemes which have been deferred and shares that are part of his 2014 pay packet.

It is thought that the stock could amount to around 1.5million shares, and 47 per cent of that holding will be sold immediately to cover tax liabilities.

An announcement is expected tomorrow.

Last year senior executives shared £40million in shares, which was announced on the same day as the Budget, but this week’s figure is expected to be significantly less after high-profile departures in its investment banking arm.

Jenkins has already agreed to give up his bonus, worth up to £2.7million, in light of the ‘significant costs’ of addressing ‘legacy litigation and conduct issues’.

The bank’s £6billion emergency rights issue last year to plug a shortfall in its capital cushion also played a part in his decision.

Earlier this year Barclays warned of a £330million charge for legal and regulatory issues in its investment arm.

Scandals: Barclays was fined £290million for rigging Libor interest rates

It marks the second year in a row that Jenkins has given up his bonus since taking the helm in 2012 after Barclays was fined £290million for rigging Libor interest rates.

The bank has also been forced to set aside £3.95bn for payment protection insurance mis-selling and £1.5bn for mis-selling complex interest rate swaps to small businesses.

Comments (2)

Share what you think

The comments below have not been moderated.

Paul F,

Leeds, United Kingdom,

4 hours ago

Brought in as CEO with a mandate to clean up the reckless bonus culture at Barclays, and the results of his efforts have been additional scandals, additional compensation provisions, stagnant dividends, sinking share price and increased bonus paid to the investment banking arm for producing lower profits! A political spin artist might persuade the naive that this amounts to success, but I hope shareholders, who had to buy their shareholding instead of it being given to them, and who have pumped in £6B in the rights issue will view the £2B+ in bonus compared to the £800M in dividends as an indication of who Barclays is actually run for the benefit of – the directors, investment bankers and traders not the shareholders who in theory own the business! It is about time that shareholders stopped being so naive and exercised their vote appropriately at the AGM and voted against the RR, the Rem Policy and the election of every Board member – that is the only message that they will understand!

Peterlincs,

Lincs,

6 hours ago

Absolutely appalling this man boasted how he was going to clean up the bank and guess what no change at all only more scandals and even bigger bonuses for the top cronies whilst the workers can only look forward to more redundancies without golden good byes and huge pension pots as the top brass get when they leave.

About time bank regulation stopped this greed but we are not likely to get it as we are not all in it together only Cameron, Clegg, Osbourne friends and cronies.

Who is this week’s top commenter?

Find out now

Barclays" bosses to receive share awards despite year mired in scandals