Barclays has docked the pay of some top executives by a combined 1 million pounds ($1.2 million) in 2022, following regulatory misteps and a costly overissuance of billions of dollars worth of investment products in the United States.
LONDON, Feb 15 - Barclays
has docked the pay of some top executives by a combined 1 million pounds in 2022, following regulatory misteps and a costly overissuance of billions of dollars worth of investment products in the United States. The British bank said in its annual report that it had cut the 2022 bonus for Chief Executive C.S. Venkatakrishnan by 403,000 pounds, while Finance Chief Anna Cross saw her compensation docked by 166,000 pounds.
Some long term awards had also been clawed back from former executives, including those earned by ex-finance chief Tushar Morzaria, the bank said. Barclays said the bonus cuts also reflected a fine from U.S. authorities over the use of unauthorised communication channels by staff, after a wider regulatory crackdown on bankers' use of platforms such as WhatsApp for sharing market-sensitive information.
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