Printer Friendly

Double pay for credit card gaffe bank boss.

The banking chief criticised for a gaffe over borrowing by credit card is to double his annual pay package to pounds 3.9m.

Barclays chief executive Matthew Barrett, who said he would never borrow by credit card because it was too costly, will earn pounds 3.1m in pay and bonuses for 2003.

As a reward for leading the bank to profits of pounds 3.84bn last year, Mr Barrett will also pick up share options worth pounds 831,000 - four times his 2002 figure.

And according to its annual reports and accounts, he will also receive a pounds 990,000 top-up to his pension fund.

The pay arrangements drew criticism from unions while the National Association of Pension Funds (NAPF) wanted evidence that the rises were sufficiently tied to performance targets.

NAPF joined a shareholder rebellion last year over the pay deal for the chief executive, which included a "golden parachute" clause that entitled him to double his annual package if there was a change of control.

A spokesman for Unifi, which represents workers at the bank, said yesterday: "Staff at Barclays will have difficulty reconciling their pay increase this year with that of Matthew Barrett."

But a Barclays spokesman defended the package, pointing out that Mr Barrett had not received an increase in his basic pay of pounds 1.1m last year.

The hike in bonuses reflected improved performance at the bank and this was the basis for judging of all staff.

Mr Barrett was criticised last year after telling the Treasury Select Committee he did not use a Barclaycard to borrow money because it was too expensive.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Business Local
Publication:The Journal (Newcastle, England)
Date:Mar 25, 2004
Previous Article:Microsoft European fight goes on.
Next Article:Schools worlds apart get together as friends.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters