The pay of Barclays’ chief executive has more than doubled to £10.5m, as an investment banking rebound and steady interest rates helped push the UK bank’s annual profits up by a quarter.
Shareholders will be asked to give the greenlight to a new pay policy at this year’s AGM that will cut Venkatakrishnan’s salary but boost his potential bonus, giving him the chance to earn up to £14.3m per year.
The strong performance was aided by a 7% jump in income from its investment bank, amid a rebound in dealmaking and market activity, as well as steady interest rates that supported income at its UK retail business.
Top performers will share a bonus pool worth £1.9bn, up from £1.7bn a year earlier, while around 90,000 employees will each be handed £500 worth of shares.
His pay jumped as a result of the vesting of long-term bonuses and a rise in the value of Barclays shares that make up those payouts, according to the bank’s annual report.
