Barclays is handing its new finance director, Tushar Morzaria, shares worth £3.2m to buy him out of bonus schemes from his former Wall Street employer, together with an array of other perks and payments.
The 44 year-old joined the board of Barclays on Tuesday – on an annual pay deal worth up to £6.2m – as the replacement for Chris Lucas, who retired on health grounds last month.
According to his contract, Morzaria, who held a senior role at JP Morgan in New York, will also get up to £125,000 in "removals assistance" to send his belongings to the UK. The bank, which has just completed a £6bn cash call to bolster its finances, also promises to reimburse three return business-class air tickets for his wife and two children. He will also be able to charge up to £25,000 a year for three years to help file his tax returns.
Born in Uganda, Morzaria is a British citizen after his family moved to the UK in 1971. His relocation package excludes the cost of moving "pets, plants, wines, spirits, boats, pianos and other objects which require specialist handling".
Morzaria's salary is £800,000 plus an annual award of shares worth up to 250% of his basic pay.
He can also receive up to four times his salary under a longer-term bonus scheme which would pay out over three years.
His contract shows that he will actually be awarded shares worth £1m for the 2014 to 2016 performance year. He will also receive 25% of his salary – £200,000 – in cash in lieu of his pension.
He had originally expected to have a four-month handover period with Lucas before becoming finance director – his contract gives his title as deputy finance director – but Lucas left earlier than expected when his health deteriorated. His medical insurance is paying him £600,000 a year. Lucas is under investigation by regulators over the bank's fundraising from Middle East investors in 2008.
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