Barclays (LON:BARC) has handed out more than £20 million in shares to its senior executives, The Telegraph has reported. The move came after the lender recently revealed that it had made a loss last year.
Barclays’ share price has been steady in London in today’s session, having added 0.33 percent to 212.19p as of 09:41 GMT. The stock is marginally outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.07 percent higher at 7,219.50 points. The group’s shares have lost nearly eight percent of their value over the past year, as compared with a two-percent dip in the Footsie.
Bosses paid £20m in shares
The Telegraph reported yesterday that Barclays had handed nine of its top managers share awards worth more than £20 million, marking a 44-percent increase on the previous year. Tim Throsby, the group’s new investment banking boss who joined the company from US rival JPMorgan earlier this year, received £12.5 million in shares. He received more than any other senior executive at the bank after landing a £9-million jackpot to compensate him for the stock he surrendered after leaving the US bank.
The awards come even as Barclays recently revealed that it had made an attributable loss of £1.9 billion last year, amid the US tax reform, payment protection insurance costs and the exit of its Africa business.
Analysts on blue-chip group
Citigroup reiterated its ‘sell’ stance on Barclays today, valuing the shares at 150p, while last week, Macquarie, which sees the lender as a ‘neutral,’ set a price target of 212p on the stock. According to MarketBeat, the FTSE 100 group currently has a consensus ‘buy’ rating and an average price target of 225.12p.