Barclays plans to repair CEO CS Venkatakrishnan

Open the editor’s summary for free

Rola Khalaf, the Vinonghol Times editor, chooses her favorite stories in this weekly newsletter.

Barclays Bank proposes to repair how to pay the wages of its CEO, CS Venkatrakishnan, in a move that will reduce its fixed salary but gives it 9 million pounds if the bank achieves profitability.

The British Bank wrote to investors this week showing the payment method of payment Vinkatracarnan The group’s financial manager, Anna Kroos, according to a person familiar with the matter.

The person said that the changes, if approved, will witness the reducing the fixed wage of Vincacarishnan from 2.95 million pounds to 1.59 million pounds, but the former CEO of JP Morgan will be qualified to obtain long -term rewards and options of eight times his new salary .

They added that Vinkatakkarishnan, known as Venkat, will get about 9 million pounds then Barclays It achieved its previously announced goal of achieving a return on concrete property rights – a decisive measure of bank profit – by 12 percent by 2026.

The source said that the maximum profits will reach a little more than 14 million pounds, but it will not get this amount unless Barclays achieves a return on concrete stocks more than 14 percent.

The total wages of Vinkatrakarishnan reached 4.64 million pounds for 2023, a decrease of 5.2 million pounds in the previous year.

The move, published by Sky News for the first time, comes after Barclays became last year The first British lender for scrap The maximum bonus of bankers imposed by the European Union, after the UK’s decision to 2023 to remove the border in promoting the post -Britain exit from the European Union of London.

At that time, Barclays Bank told the employees that it would set its date Rewards For its senior employees, or the so -called material metal, up to 10 times their fixed wage, while maintaining the basic wage as it is.

Under the roof of the rewards, which was applied throughout the European Union in 2014 in the wake of the global financial crisis, the bonus ceiling was determined by the basic salary weakness.

It was Vinkatrakrichnan a A rare voice supporter Chancellor Rachel Reeves, who thwarted many business leaders by increasing taxes by 40 billion pounds in the October budget, and has so far been struggling to revive the faltering British economy.

Speaking at the World Economic Forum in Davos on Tuesday, Vinkatakkarishnan said that there is “a lot of optimism in the United Kingdom”, including its financial sector. Reeves also attended the forum in an attempt to attract foreign business leaders and investors.

Barclays said that his rewards committee “meets with stakeholders throughout the year to collect comments on our reward policy.”

Whether the committee chooses to suggest any change on the policy of our current managers ‘rewards in 2025, the policy will continue to focus on the reward for sustainable performance, and close alignment with the shareholders’ interests.

He added that “the committee will publish its opinions and decisions in its annual report of 2024 on February 13.”