The boss of Barclays took home a £10.5 million pay packet last year, while the bank handed out £1.9 billion in bonuses to its staff after reporting greater yearly profits. The bank said it wanted to reward staff for a stronger financial performance and for making progress on its three-year strategy overhaul. Group executive CS Venkatakrishnan, known within the bank as Venkat, saw his payout grow from long-term bonuses boosted by Barclay’s share price rising.
His pay for 2024 was more than double the £4.6 billion earned the previous year. Barclays also revealed that the bank’s bonus pool increased to £1.91 billion in 2024, a 10th higher than the prior year’s £1.75 billion. This reflected “performance across the group, enabling us to reward colleagues for the performance delivered”, according to the bank. However, Barclays is planning to halve the salaries of its top bosses after lifting a cap on the amount they can take home in bonuses.
So-called “material risk-takers” in the business can now earn up to 10 times their fixed salary in variable pay, which includes bonuses, after a policy change last year. Previously, bonuses were capped at twice the level of fixed pay. Barclays said reducing the salaries of executive directors by almost 50%, while increasing opportunities to earn bonuses, will result in “greater pay for performance alignment”.
