Barclays CEO Pay ‘Corrosive’ for U.K. Economy, Study Says
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The soaring earnings of top bankers including the chief executive officer of Barclays Plc are having a “corrosive” effect on the U.K. economy, the High Pay Commission said.
Former Barclays CEO John Varley was awarded 4.4 million pounds ($7 million) for 2010, 169 times that of the average worker in the U.K. and 4,899 percent more than his predecessor earned in 1980, when the Barclays boss earned 13 times more than the average worker, the London-based panel said in its final report today. It urged FTSE 100 directors to end the “closed shop” culture where they award themselves high pay that doesn’t match their companies’ share-price performance.