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LONDON (Reuters) -Barclays has docked the pay of some top executives by a combined 1 million pounds ($1.2 million) following regulatory missteps and a costly overissuance of billions of dollars worth of investment products in the United States.
The British bank said in its annual report it had cut the 2022 bonus for Chief Executive C.S. Venkatakrishnan by 403,000 pounds, while Finance Chief Anna Cross saw her compensation docked by 166,000 pounds.
Some long term awards have also been clawed back, the bank said, including from ex-finance chief Tushar Morzaria.
Barclays (LON:BARC)’ overall bonus pool dipped to 1.8 billion pounds for 2022 from 1.9 billion the previous year, as a plunge in investment banking fees soured its finances and sent its shares sharply lower.
The annual report also disclosed that former CEO Jes Staley – who is being investigated by regulators over how he characterised his relationship with sex offender Jeffrey Epstein – was paid 2.3 million pounds in fixed pay and other allowances in 2022.
The payments included 107,000 pounds to help him move back to the United States, the report said.
Barclays said Staley was contractually entitled to the payments during his 12-month notice period after leaving in October 2021, adding it had made no further decision on clawing back pay or awards pending the outcome of the investigation.
Staley’s unvested awards remain suspended, the bank said.
Barclays said the bonus cuts for executives also reflected a fine from U.S. authorities over the use of unauthorised communication channels by staff, after a wider regulatory crackdown on bankers’ use of platforms such as WhatsApp for sharing market-sensitive information.
Venkatakrishnan’s total pay package for the year was 5.2 million pounds, which the bank said could rise to a maximum 9.7 million pounds if long-term awards are paid out in full.
($1 = 0.8262 pounds)
