Barclays has frozen hundreds of thousands of kilos in bonus share awards made to former boss Jes Staley amid an investigation into his relationship with disgraced financier and convicted intercourse offender Jeffrey Epstein.
The banking large’s annual report revealed it has suspended all of Mr Staley’s unvested long-term bonus share awards pending the regulatory probe.
It stated virtually 70% of those share awards granted since he was appointed in 2015 stay unvested.
Mr Staley stepped down final November to contest findings by the Monetary Conduct Authority and Prudential Regulation Authority over the way in which he represented his relationship with Epstein to the financial institution.
He nonetheless receives his contractual entitlement to £2.4 million in money and shares – the equal of 12 months in fastened pay – in addition to a pension allowance and different undisclosed advantages.
The financial institution stated: “In step with its regular procedures, the committee exercised its discretion to droop the vesting of all of Mr Staley’s unvested awards, pending additional developments in respect of the regulatory and authorized proceedings associated to the continued Monetary Conduct Authority and Prudential Regulatory Authority investigation concerning Mr Staley.”
It got here as Barclays revealed that pre-tax earnings soared to £8.4 billion in 2021 after it launched money put aside for pandemic mortgage losses and notched up document funding banking earnings.
The banking large greater than doubled earnings from £3.1 billion in 2020 due to the discharge of £653 million in unhealthy debt provisions, in contrast with £4.8 billion put aside for Covid mortgage losses the earlier 12 months.
The higher-than-expected outcomes additionally confirmed that the group’s company and funding banking division recorded its highest-ever pre-tax earnings of £5.8 billion over the 12 months, up from £4 billion in 2020.
Its annual report confirmed Barclays elevated its bonus pot for employees to £1.9 billion, up from £1.6 billion in 2020.
The group additionally introduced its first feminine finance director, appointing deputy group finance director Anna Cross to the position from April 23.
She is going to succeed Tushar Morzaria, who’s retiring after greater than eight years within the put up, and turns into the primary lady to carry one of many high three boardroom jobs on the financial institution.
2021 is the 12 months through which Barclays demonstrated the outcomes of the technique we set out in 2016
Chief government CS Venkatakrishnan
The figures come after a troublesome 12 months for the financial institution, with new chief government CS Venkatakrishnan thrown into the position final November after Mr Staley’s shock resignation.
Mr Venkatakrishnan, often known as Venkat, stated: “2021 is the 12 months through which Barclays demonstrated the outcomes of the technique we set out in 2016.”
He added: “I’m proud that we’ve got delivered this resilient efficiency whereas persevering with to assist our purchasers and clients by one other 12 months of Covid-19 associated challenges.
“We recognise that the financial setting is greater than normally unsure, with rising inflation charges and tighter financial coverage, whereas many components of society proceed to recuperate from the extreme social and financial results of the Covid-19 pandemic.”
Kaynak: briturkish.com
