Report - Barclays to back down on pay

Barclays Canary Wharf

Barclays is expected to bow to demands by leading investors to revamp plans for a new pay scheme as it seeks to avoid reigniting a long-running feud over the remuneration of its top employees.

Sky News reports that several institutional investors have urged Barclays to alter a new role-based allowance for senior staff so that it is paid in shares instead of cash.

The shareholders have said that plans mooted by the bank to award share allowances to only its chief executive and chief financial officer do not go far enough.

'We want this money to be paid in stock rather than cash, potentially for all of those who will receive it', one major Barclays investor said.

Barclays is expected to heed investor concerns by expanding the pool of those who receive the role-based allowances in shares, although it may attempt to restrict the number only to those on its executive committee, who also include its chief risk officer, its heads of investment banking and its human resources director.

Hit the link below to access the complete Sky News article:

Barclays Poised To Back Down Over Pay Plans

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