LONDON (Reuters) - Top executives at British bank Barclays Plc, including chief executive Bob Diamond, have cashed in around 30 million pounds worth of shares, in a move that risks drawing fresh criticism over bankers’ pay.
Barclays said on Wednesday it had released nearly 12 million shares to top directors, after which CEO Diamond sold 29,168 shares, while the heads of its Barclays Capital (BarCap) investment banking division Jerry del Missier and Rich Ricci both sold over 4 million shares each.
The various share sales - which reflect awards to executives that the bank has already announced - took place on March 12 at a Barclays share price of 239.88 pence, meaning that del Missier got around 10.8 million pounds while Ricci got 9.7 million, while Diamond netted nearly 70,000 pounds.
Others who cashed in included Finance Director Chris Lucas, who sold 613,536 shares, Barclays retail banking head Antony Jenkins who sold nearly 789,231 and wealth management head Thomas Kalaris who sold 471,187.
Britain’s Conservative/Liberal Democrat coalition government is looking at tighter rules to curb excessive executive pay, as public anger grows over the widening gap between the multimillion pound salaries of top directors and ordinary workers, many of whom face job cuts and sub-inflation wage growth.
Earlier this month, Barclays said Diamond took home pay, shares and benefits worth 17 million pounds last year.
Royal Bank of Scotland - 82 percent owned by the British government after it was bailed out by the state during the 2008 credit crisis - also said its investment banking head John Hourican would get almost 7.5 million pounds in pay, bonuses and shares for last year.
Reporting by Sudip Kar-Gupta; Editing by David Holmes