The boss of Barclays has seen his pay more than double to £10.5m while its top bankers received bonuses totalling £1.9bn, according to its latest results.
Barclays chief executive CS Venkatakrishnan saw long-term bonuses increase his pay up from the £4.6m he earned in 2023.
The lender said the rewards reflected “performance across the group, enabling us to reward colleagues for the performance delivered”.
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 group’s investment bank generated just under half of the its £26.8bn of income in 2024, while its UK business contributed £8.3bn.
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.
Nigel Higgins, Barclay’s chair, also got an 8 per cent pay rise to £925,000 and a three year extension to his contract.
UK bankers’ bonuses have increased after the former Conservative government scrapped the cap, brought in after the 2008 financial crisis, which limited them.
Kwasi Kwarteng heralded the move as part of a package of measures that would “unleash the power of the private sector”.
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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.
“Excess at the top contrasts with much wider hardship across a country plagued by stagnant growth and the aftermath of the cost of living crisis,” he said.
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.
“While ordinary employees will welcome the shares, the UK Government should do more to give workers more of a stake and voice in UK companies,” he said.
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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