Barclays to slash CEO's fixed pay as package capped at £14m
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Barclays is proposing to slash the fixed pay it hands to its chief executive each year as part of an overhaul of his remuneration package that will see his maximum earnings capped at just over £14m. Sky News has learnt that Barclays has this week written to its largest shareholders to notify them of detailed proposals that will change the way it pays CEO CS Venkatakrishnan and group finance director Anna Cross.
Under the plans, which will be put to investors at the bank's annual meeting in the spring, Mr Venkatakrishnan will see his annual fixed pay - comprising salary and a share allowance - nearly halved from £2.95m to £1.59m. His new arrangements would, if approved by shareholders, see him become eligible for bonuses and long-term stock awards worth up to eight times his new £1.59m salary.
Money latest: Weather bomb's effect on wholesale electricity prices. That would mean Mr Venkatakrishnan's total maximum package increasing from £9.8m to £14.3m, although people briefed on the plans said he could only earn rewards at the upper end of the spectrum if Barclays achieved a return on tangible equity in excess of 14% - a level well beyond the targets the bank has said it is aiming for.
Ms Cross, meanwhile, would see her maximum pay package rise to £8.1m. Revolut founder Storonsky lands £350m bonanza from digital banking giant. Shawbrook aims to kickstart London IPO market with £2bn float. SME lender Tide rises to challenge with new fundraising.
