Bosses of Barclays Given £20m Jackpot Weeks After Announcing Slump to a Loss

Photo by Gideon Benari from Flickr

Barclays has given Tim Throsby, its new investment banking boss, £12.5m worth of shares weeks following the firm’s announcement that it had fallen to a loss for 2017.

Throsby joined the British banking giant from JP Morgan, its US rival in January. He received more as compared to any other senior executive that is serving at the bank after being given a £9m jackpot to compensate him for the stock that he surrendered after leaving the US bank.

He is the most recent addition to in a string of senior bankers of JP Morgan to have followed Jes Staley, the boss of Barclays, to the British lender in recent years. Paul Compton, the chief operating officer, emerged as the biggest winner from the bonus round last year after also turning his back from the Wall Street bank.

Throsby had been working at JP Morgan since 2010. He was the global head of equities and is now effectively the number two of Staley.

In total, Barclays gave nine of its top managers, including Ashok Vaswan, the UK boss of Barclays, share awards that are worth more than £20m – 44 percent more as compared to the previous year despite the bank experiencing a loss for 2017.

Last month, the bank said that it had dropped £1.9bn into the red for last year, a slump that Staley brushed off by saying that the lender had already finished restructuring and could now reward its investors.