Barclays hands more than £20m in shares to senior executives

Barclays Bank Branch

Barclays has handed out more than £20m in shares to its senior executives, despite missing profit expectations.

The bank has given senior executives £22.2m in shares, despite undershooting profit expectations and posting a £1.9bn loss in 2017.

Read more: Barclays shares surge despite missing profit expectations

The value of the share package has been significantly inflated by awards to several senior executives who missed out on payments at JP Morgan Chase when they were hired by Barclays.

Tim Throsby, chief executive officer of the corporate and investment bank, was awarded £9.2m in shares, after joining from JP Morgan Chase in early 2017.

The bank’s chief operating officer Paul Compton, who joined from JP Morgan Chase in May 2016, received nearly £5m in shares.

Read more: Barclays shares surge as dividend boosted: Here's how the analysts reacted

Chief risk officer CS Venkatakrishnan who joined from JP Morgan in March 2016 was given nearly £2m of shares, while group finance director Tushar Morzaria received £1.6m in shares.

The bank also handed out £14m of deferred shares that will vest in the next five to seven years, and in some cases are conditional on hitting performance targets.

Chief executive Jes Staley was the chief beneficiary with £3.9m in shares, while Throsby received a £2.8m package and Morzaria £2.6m.

Read more: Who is Jes Staley and what are his top priorities at Barclays?

Staley joined the bank in December 2015 from JP Morgan and has since hired a number of his former colleagues to lead Barclays executive team.

Full story: Barclays hands more than £20m in shares to senior executives: City A.M.

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