Barclays docks execs’ pay by £1 million over regulatory failures

BARCLAYS has docked the pay of some top executives by a combined £1 million (S$1.6 million) in 2022, following regulatory misteps and a costly overissuance of billions of US dollars worth of investment products in the United States.

The British bank said in its annual report that it had cut the 2022 bonus for chief executive CS Venkatakrishnan by £403,000, while finance chief Anna Cross saw her compensation docked by £166,000.

Some long term awards had also been clawed back from former executives, including those earned by ex-finance chief Tushar Morzaria, the bank said.

Barclays said the bonus cuts also reflected a fine from US authorities over the use of unauthorised communication channels by staff, after a wider regulatory crackdown on bankers’ use of platforms such as WhatsApp for sharing market-sensitive information.

Venkatakrishnan’s total pay package for the year was £5.2 million, which the bank said could rise to a maximum £9.7 million if long-term awards were paid out in full.

The bank said it had made no further decision on clawing back pay or awards to former chief executive Jes Staley, who is facing ongoing investigations into how he characterised his relationship with sex offender Jeffrey Epstein.

Staley’s unvested awards remain suspended, the bank said. REUTERS