Barclays boss lands £5.2m pay jackpot: Venkat pockets highest earnings for a decade despite fall in profits

Bosses at Barclays have hit the pay jackpot – despite the financial institution reporting lower-than-expected profits that despatched the shares tumbling.

Chief govt CS Venkatakrishnan, who is named ‘Venkat’, acquired £5.2million final yr, together with a £1.9million bonus, accounts printed yesterday present.

It is among the highest payouts to a Barclays boss in the previous decade and signifies that Venkat earned 101 occasions greater than the typical Barclays employee final yr.

Barclays chief exec CS Venkatakrishnan (pictured), received £5.2m last year, including a £1.9m bonus, accounts published yesterday show

Barclays chief exec CS Venkatakrishnan (pictured), acquired £5.2m final yr, together with a £1.9m bonus, accounts printed yesterday present

New finance boss Anna Cross was handed a £803,000 bonus, taking her complete pay to £2.1million, whereas her predecessor, Tushar Morzaria, acquired £3.9million in his ultimate yr earlier than retiring.

Barclays additionally confirmed it paid former boss Jes Staley, who stop in 2021 over his ties to convicted paedophile Jeffrey Epstein, £2.4million for his discover interval through the yr.

The bumper payouts have been revealed as Barclays posted a shock 14 per cent slide in pre-tax profits to £7billion, down from £8.2billion in 2021.

The shortfall was blamed on a decline in profitable deal-making, a worsening financial outlook and big costs linked to litigation and conduct instances.

A pledge to purchase again as much as £500million of shares in the primary quarter of this yr additionally didn’t impress traders.

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Barclays shares closed down 7.9 per cent, or 14.72p, at 172.6p, wiping out a lot of this yr’s positive aspects thus far.

Sophie Lund-Yates of dealer Hargreaves Lansdown mentioned Barclays had ‘bitterly dissatisfied the market’, including tolerance for any future mis-steps was now ‘very skinny’.

In distinction to the boardroom largesse, Barclays’ general bonus pool shrank 8pc to £1.8billion after profits from company and funding banking dropped by nearly 1 / 4 to £4.3billion as profitable offers dried up.

AJ Bell funding director Russ Mould mentioned the lender’s efficiency was ‘dangerous information for all of the bankers at the moment on the ski slopes anticipating fats bonuses’.

The financial institution noticed a surge in fines throughout 2022, together with £966million for a blunder overselling monetary merchandise in the US.

In complete, its litigation and conduct costs hit £1.6billion, up from £397million in 2021.

Barclays additionally took a £1.2billion hit because it prepares for an increase in clients defaulting on loans amid the spiralling price of dwelling.

But on the retail facet web curiosity revenue surged by 13 per cent to £5.9billion as Barclays profited from greater rates of interest.

Lenders have been helped by a collection of current Bank of England base fee hikes, permitting them to cost debtors extra whereas not passing on greater financial savings charges by as a lot.

The distinction, which is named the ‘web curiosity margin’, is predicted to hold on rising from 2.5 per cent a yr in the past to greater than 3.2 per cent this yr, Barclays mentioned.

Last week bosses from Barclays, NatWest, HSBC and Lloyds have been criticised by MPs for placing up mortgages sooner than they elevated charges for savers.

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Venkat, who’s working whereas being handled for most cancers in the US, insisted the financial institution’s efficiency final yr was ‘sturdy’.

He added that the financial institution was ‘cautious’ for the yr forward however noticed alternatives to develop gross sales and profits.

Barclays is the primary main British financial institution to report outcomes for final yr.

NatWest is ready to unveil figures on Friday whereas HSBC and Lloyds outcomes comply with subsequent week.

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