Barclays has revealed that its executives received £16.5 million in shares.
The British banking giant explained that the payment, shared between 11 executives, was for role-based allowances and bonus schemes. The was a significant decrease on the 2014 figure of £32 million, which at the time sparked major criticism over excessive payouts when the bank had seen a drop in profits.
According to a regulatory filing, Tom King, head of Barclays investment bank, was the top paid executive receiving £4.7 million worth of shares. Anthony Jenkins, the bank's chief executive, was handed £4.3 million, the first time he took a bonus in three years. The remaining nine members were awarded three million shares priced at £2.535 on the day paid out.
The announcement comes at a time where Barclays is in the midst of an investigation over alleged manipulation foreign exchange rates. Earlier in the month, the bank said it was increasing its provision to cover any fallout from the probe by £750 million to £1.25 billion.
Barclays' revelation of bonuses saw share prices grow slightly and as of 10:06 GMT on Wednesday (March 18th) they were up 0.56 per cent.
It has not been a good month for Barclays, which announced at the beginning of March that profits were down by 21 per cent to £2.26 billion in 2014. However, once the provisions for the investigation and additional charges were considered, Barclays' adjusted profits increased 12 per cent to £5.5 billion.
Speaking in an interview with BBC business editor Kamal Ahmed, Mr Jenkins said: "If we look at the history of many of these conduct issues… they have been very bad for the industry, very bad for shareholders, and very bad for customers. It's just not acceptable."
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.