Leading investors in Barclays are reportedly demanding the bank takes steps to dock executive bonuses after it said it would take a £450m hit for overselling products to investors.
According to Sky News, a number of top investors want Barclays to cut or cancel bonuses awarded to outgoing finance chief Tushar Morzaria following the error.
In its annual results in February, Barclays confirmed that finance chief Morzaria would step down after more than eight years. He earned more than £5m in 2021, including £1.5m in the form of a deferred annual bonus.
It was understood that leading shareholders now plan to press Barclays to cancel at least part of that award or to cut back part of previous bonuses to show accountability at the top of the bank.
Sky said it was unclear whether Legal & General Investment Management was among those who would press for bonus clawbacks at the bank. LGIM’s parent company, Legal & General, last month named Morzaria as a non-executive director.
