Nov 27, 2019

Barclays cuts chief executive’s pension allowance

Barclays will join the other big UK banks in cutting the pension allowance of its chief executive, marking a significant win for investors who have pushed the industry to bring the perk into line with benefits for the wider workforce. Jes Staley is due to earn a cash lump sum of £396,000 in lieu of a traditional pension this year, equivalent to around 34 per cent of his cash salary. On Tuesday, the Financial Times reported that Lloyds Banking Group was preparing to cut the pension allowance of its chief executive, António Horta-Osório, by more than £220,000. This month, Standard Chartered said it would also cut the allowance paid to its two most senior executives by £384,000, following an acrimonious stand-off with shareholders that deepened when chief executive Bill Winters blasted the investor campaign as "Immature and unhelpful". Mr Staley earned £3.4m last year, including a cash salary of £1.18m, a share-based payment of the same amount, and a £1.1m bonus, as well as the pension allowance and other benefits.

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