Barclays Investors Warn Bank on Executive Pay Increases, FT Says

Barclays Plc (BARC) shareholders have told the bank they won’t accept large pay increases for its chief executive officer or senior bankers, the Financial Times reported today, citing unidentified investors.

U.K. investors including Legal & General Group Plc and F&C Asset Management Plc have been petitioning for banks to award “moderate” pay increases as share prices fall, the newspaper reported.

Jerry Del Missier and Rich Ricci, who run the investment banking unit at London-based Barclays, and Chief Executive Officer Bob Diamond together received more than 100 million pounds ($157 million) last year in compensation, according to the FT.

Royal Bank of Scotland Group Plc (RBS), the state-owned lender, awarded CEO Stephen Hester a 963,000-pound bonus this week, sparking criticism from lawmakers.

To contact the reporter on this story: Clementine Fletcher in London cfletcher5@bloomberg.net.

To contact the editor responsible for this story: Sara Marley at smarley1@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.