Barclays freezes Jes Staley share awards amid Epstein investigation

Good morning. 

Barclays has revealed it’s suspending the payment of share awards to its former boss Jes Staley amid ongoing investigations into his relationship with the late sex offender Jeffery Epstein.

Mr Staley, who stepped down from the FTSE 100 bank in November, was being treated as a “good leaver”.

At the time, it was announced that he would pocket an annual payout of £2.4m in cash and shares plus a £120,000 pension allowance and other benefits.

He owns 5.7m shares worth around £10m and was also entitled to as many as 11.4m shares valued at £22.5m if the bank hits targets in coming years. The frozen awards are thought to include a 2019 bonus subject to performance between 2019 and 2021. It was worth up to £3.3m.

Barclays said almost 70pc of Mr Staley’s variable remuneration remains unvested, adding it hadn’t made any further decisions regarding the former boss’ pay.

5 things to start your day 

1) Britain has logged out of the EU – now it needs a Brexit tech revolution  As the UK strikes out from the EU, MPs say new ideas on data should form the backbone of deregulation

2) Inheritance tax revenues hit record high as Treasury gets extra £700m  Rocketing house prices and frozen thresholds have seen more cash handed over in so-called ‘death duties’

3) Information Commissioner calls time on the ‘drag’ of Brussels’ data rules  A new era of data regulation could mean an end to ‘cookie’ pop-ups 

4) HSBC faces US probe into bankers’ use of WhatsApp for work  WhatsApp is not approved for ‘business-sensitive messages’

5) Hargreaves Lansdown shares plunge as pandemic trading boom ends  The investment platform’s profits fell as workers returning to the office have less time to trade and invest

What happened overnight 

Equities mostly rose on Wednesday and oil prices stabilised as investors tracked developments in Ukraine. In early trade, Hong Kong, Shanghai, Sydney, Seoul, Wellington, Taipei and Jakarta were all in positive territory. Singapore and Manila slipped and Tokyo was closed for a holiday.

Coming up today

  • Corporate: Aston Martin Lagonda, Barclays, Capital & Counties Properties, Hochschild Mining, Rio Tinto, Unite Group (full-year results); Ted Baker (trading update)
  • Economics: Bank of England monetary policy report hearings (UK)

Source link

Leave a Reply

Your email address will not be published.