BARCLAYS is withholding bonus payments from Jes Staley, the chief executive who left last year amid an investigation into the details of his relationship with Jeffrey Epstein, the financier and convicted sex offender.
Staley is getting £2.4 million in pay and a £120,000 pension allowance, however, for 2021.
The annual report shows that Staley was paid around £24 million in his near 7-year stint at the bank. And that he holds 18 million shares in Barclays including £3.3 million worth granted by Barclays as an “unvested” award for 2021-2023.
That £3.3 million appears to be at least part of what Barclays has not released to its former CEO.
An investigation by regulators into Staley’s characterisation of his relationship with Epstein, who died in prison, is ongoing.
The annual report said: “For Jes Staley, the Committee has not made any remuneration decisions at this stage and will consider these matters further as and when it considers appropriate.”
That is a very different tone to the one struck when Staley left in November. Following an interim report into the CEOs relationship with Epstein, the bank said:
“In view of those conclusions, and Mr Staley’s intention to contest them, the board and Mr Staley have agreed that he will step down from his role as group chief executive and as a director of Barclays.”
It added: “The board is disappointed at this outcome. Mr Staley has run the Barclays Group successfully since December 2015 with real commitment and skill.”
Barclays profits soared to £8.4 billion as Staley’s strategy of boosting the investment bank paid off.
Profits more than doubled, partly thanks to the release of Covid bad debt provisions.
New CEO CS Venkatakrishnan hailed the bank’s “resilient” performance.
The report reveals that the bank is paying £190,000 for his accommodation in London as he relocates from the US.
On Staley, he said: “I cannot and will not comment on those questions.”
Finance chief Tushar Morzaria, Staley’s right hand man, is standing down. He will be replaced by his deputy Anna Cross, but stays in a role with the investment bank.
Asked if he would have left his post had Staley stayed, Morzaria dodged the question, saying it was an “appropriate” time to move on.
Group Chairman, Nigel Higgins said:
“The Board is delighted to have, in Anna Cross, such a strong internal successor.”
