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Barclays executive Compton top earner with $9 mln share award
March 9, 2017 / 4:20 PM / 9 months ago

Barclays executive Compton top earner with $9 mln share award

LONDON, March 9 (Reuters) - Barclays awarded its chief operating officer Paul Compton shares worth 7.5 million pounds ($9.11 million), more than the bank’s chief executive was paid in 2016, according to regulatory filings on Thursday.

The amount was almost as much as the total 8.7 million pounds awarded to its senior managers a year ago, and reflected a rise in Barclays’ share price and the large buyout fee it paid Compton for shares forfeited from his previous employment.

Chief Executive Jes Staley received no new shares from awards granted in prior years, the bank said, but was awarded shares worth 198, 000 pounds in up front bonus for the year and role-based pay.

Staley’s total compensation for 2016 was 4.2 million pounds, the bank previously disclosed in its annual report.

This year the total value of shares awarded to the executives is 13.6 million pounds, Barclays said.

Barclays shares have risen 43 percent in the year since its last annual payout to top executives, despite suffering a record single-day slump of 30 percent the day after Britain voted to leave the European Union.

The shares are now worth 233 pence each compared with 163 pence a year ago.

A spokesman for Barclays said the actual amount Compton receives will be substantially lower due to taxes on the bonus, and that he will not receive some 2 million pounds worth of the award for 5 years due to bonus deferral rules. Compton has been tapped to run the new back office service company that Barclays is creating, Reuters reported last month .

Chief Executive Jes Staley confirmed the appointment when asked by Reuters at a media conference on Feb. 23.

Most European investment bankers received smaller bonuses in 2016 as their employers cut costs and sought to meet shareholder demands for a greater share of profits.

$1 = 0.8232 pounds Reporting By Lawrence White, Editing by Anjuli Davies

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