Barclays chief executive CS Venkatakrishnan saw long-term bonuses increase his pay up from the £4.6m he earned in 2023.
Barclays reported higher than forecast pretax profit for the calendar year of £8.1bn, up 24 per cent from £6.6bn the previous year.
The bank increased its bonus pool from £1.7bn the previous year to £1.9bn to be shared out among more than 800 investment bankers. Around 90,000 additional employees will be given £500 worth of shares.
UK bankers’ bonuses have increased after the former Conservative government scrapped the cap, brought in after the 2008 financial crisis, which limited them.
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Read MoreLuke Hildyard, of the High Pay Centre think-tank, said the Barclays rewards “epitomise the inequality” in the UK economy.
For every £1,546 paid to an investment banker, an ordinary employee like a bank cashier or call centre worker would receive £1 he added.
Venkatakrishnan took over in 2021 after former chief executive Jes Staley stepped down following an investigation by regulators into his dealings with the disgraced financier Jeffrey Epstein.
In May, Barclays shareholders will vote on new pay proposals that could cut the chief executive’s basic salary but increase his potential bonus, which could allow him to earn even more.
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