Barclays puts share awards and job cuts on hold during crisis

(Sharecast News) - Barclays has deferred share awards for its chief executive and finance chief and delayed planned job cuts in response to the Covid-19 crisis.
The bank said payments to CEO Jes Staley and Chief Financial Officer Tushar Morzaria, due to vest in June, would be delayed until March 2021. The payments were awarded under Barclays' long-term incentive plan (LTIP).

Barclays' remuneration report shows Staley in line for a £1.48m LTIP payment for 2019 with Morzaria due to receive £942,000. It was not clear whether these were the amounts that were deferred.

"Mr Staley and Mr Morzaria are supportive of the remuneration committee's determination in this regard," Barclays said in a statement.

The bank deferred Staley and Morzaria's payments after the Bank of England asked lenders not to pay bonuses in 2020. Barclays has already scrapped its final dividend at the BoE's request to conserve cash during the Covid-19 crisis.

Barclays has also put planned job cuts on hold during the crisis and is offering extra financial support to employees already being made redundant. In line with the government's furlough programme Barclays will offer those employees up to 80% of their wages to a value of £2,500 a month but the bank, not the government, will pay, Reuters reported.

Some companies are making decisions on pay and treatment of employees with their long-term reputations in mind as attention focuses on how businesses look after people during the crisis.

ShareCast contacted Barclays seeking clarification.