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.
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”.
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.
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.
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.
