The Rich gets richer: Barclays chief Rich Ricci lands £18m windfall

 

Barclays investment banking chief Rich Ricci landed an £18 million windfall today after the bank handed out mammoth share awards to top bosses.

Mr Ricci's multimillion-pound pay day came as he sold a 5.7 million tranche of shares given to him by the bank for previous annual bonuses and long-term incentive schemes, despite waiving a bonus for 2012.

Barclays chief executive Antony Jenkins, who also agreed not to take a bonus for last year, picked up 1.8 million shares worth £6 million and immediately sold half - netting him £2.9 million.

This follows a £2.6 million total pay package paid to Mr Jenkins last year, including a £1.5 million long-term incentive bonus due to pay out in future years if he meets performance targets.

Nine executives in total received share fortunes worth a combined £40 million today in what is likely to stoke further controversy over pay deals at the bank following its Libor rate rigging scandal and mis-selling controversies.

The timing of the announcement to coincide with the Budget also attracted criticism, although Barclays claimed it planned today's release months before the Chancellor set the date.

Details of the share awards come after Barclays revealed in its annual report earlier this month that 428 workers were paid more than £1 million last year, including five who got more than £5 million despite a year of scandal and falling profits.

The report also highlighted a widening pay gap at the bank as it showed there were more than 71,500 staff who received less than £25,000 last year.

Barclays stressed that today's share awards were for deferred annual bonus payouts from previous years and long-term incentive schemes.

A Barclays spokesman said: "Barclays has revised its remuneration policy and all future incentive awards, short and long-term, will be based on the new principles that have been set out."

Barclays added that the sale of shares by Mr Jenkins today was made to meet tax liabilities on the award.

Suggested Topics
Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Trainee Consultant - Surrey / South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Ashdown Group: Trainee Consultant - Surrey/ South West London

£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...

Recruitment Genius: Client Services Assistant

£18000 - £20000 per annum: Recruitment Genius: A Client Services Assistant is ...

Ashdown Group: Junior Application Support Analyst - Fluent German Speaker

£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor