Barclays pays top bankers £40m in bonuses

Barclays paid nine of its top bankers £39.5m in bonuses yesterday in what has been described as a “staggering reward for failure”.

Barclays Branch London 480

The bank, which was fined £290m last year for manipulating Libor, awarded head of investment banking Rich Ricci £17.6m worth of shares, which he immediately cashed.

Barclays chief executive Antony Jenkins, who took over the bank in August, was awarded shares worth £5.6m and cashed in £2.9m worth.

Former finance director Chris Lucas, who stepped down last month, received shares worth £1.2m.

Corporate governance consultancy Manifest chief executive Sarah Wilson told The Guardian the bonuses are a “staggering reward for failure”.

She said: “It is amazing that the bank is paying out such huge sums during its most troubled times.”

She accused Barclays of trying to bury coverage of the bonuses by announcing them on Budget day.

She said: “They know everyone is going to be very busy, so releasing the information [yesterday was] an interesting tactic.”