18th Mar 2014 11:37
LONDON (Alliance News) - Barclays PLC Tuesday said it is handing out GBP31.8 million in shares to twelve of its top staff, including Chief Executive Antony Jenkins and Finance Director Tushar Morzaria.
Jenkins is receiving 1.6 million shares, valued at about GBP3.8 million before tax, while Morzaria's shares are worth about GBP1.1 million before tax.
The shares were provided at a market price of 232.59 pence.
However, 770,909 of Jenkins shares were sold in order to pay tax, with 217,905 of Morzaria's also sold for the same purpose.
After tax, Jenkins received GBP2.0 million in shares, while Morzaria received GBP571,524.
Skip McGee, Chief Executive of Barclays for the Americas, and Eric Bommensath, co-chief executive of corporate and investment banking, were rewarded the most handsomely.
McGee received 3.8 million shares, worth GBP8.9 million, while Bommensath received 3.7 million, worth GBP8.6 million, both before income tax.
After selling 2.1 million shares to meet tax liabilities, McGee's shares are worth about GBP3.9 million.
Bommensath's are worth GBP4.6 million because fewer of his shares - 1.7 million - were sold to meet tax payments.
Tax liabilities on the shares provided were met in cash and the number of shares actually received by each individual was reduced by the value required to meet those tax liabilities.
Bankers' pay has been the subject of intense scrutiny of late, particularly in the aftermath of the financial crisis.
Last week the Bank of England outlined proposals that could result in top financial services firms having to amend employment contracts so that bonuses that have been paid can be clawed back up to six years after vesting.
The proposed rule change would come into force from the start of 2015 and could apply to bonuses made before then but which vest later, according to the central bank.
All firms authorised by the Prudential Regulation Authority would have to amend employment contracts in order to reflect the proposed changes.
Director/ PDMR | Shares provided to Director/ PDMR | Shares sold on behalf of Director/PDMR to meet tax liabilities | Other shares sold on behalf of Director/PDMR |
A Jenkins | 1,640,226 | 770,909 | 0 |
T Morzaria | 463,627 | 217,905 | 0 |
E Bommensath | 3,717,071 | 1,747,033 | 0 |
R Hoyt | 302,596 | 142,221 | 0 |
T King | 1,638,080 | 844,762 | 0 |
R Le Blanc | 803,909 | 377,841 | 188,501 |
I McDermott Brown | 114,481 | 53,808 | 0 |
S McGee | 3,814,485 | 2,129,249 | 0 |
M Roemer | 199,907 | 93,960 | 0 |
V Soranno Keating | 404,758 | 191,658 | 0 |
A Vaswani | 358,493 | 168,495 | 0 |
D West | 216,785 | 101,890 | 0 |
Barclays shares were Tuesday quoted at 233.80 pence, up 1.2%.
By Samuel Agini; [email protected]; @samuelagini
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