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Dealbook reports that, like the rest of the firm, Barclays top executives did pretty well for themselves this bonus season, despite the bank doing not so well re: earnings. As previously mentioned, Chief Executive Antony Jenkins found himself between a rock and a bunch of employees who said they would quit if they weren’t made to feel loved in the way of compensation this year, and decided he had not choice but to increase bonuses. Clocking it at the highest paid member of Team Barclays was Hugh Skip McGee III, which is probably a good thing, as he’s been known in the past to make a stink when things don’t go his way.
The highest individual award went to Hugh E. McGee III, the bank’s chief executive for the Americas. He received shares valued at about £8.9 million, based on a price of 232.59 pence a share. Eric Bommensath, the co-chief executive for corporate and investment banking, received shares valued at about £8.6 million, while Thomas King, the other co-chief executive for the investment bank, received shares valued at about £3.8 million. Tushar Morzaria, the Barclays finance director, received shares valued at about £1 million. Antony P. Jenkins, the Barclays chief executive, received shares equal to about £3.81 million based on long-term incentive pay from prior years. He had a base pay of £1.1 million in 2013, but has said he would forgo a bonus for 2013 in light of the bank’s continued restructuring costs and litigation expenses. He declined to accept a bonus in 2012, as well. In the fourth quarter, Barclays posted a loss of £514 million, driven partly by restructuring costs and litigation charges. That compared with a loss of £364 million in the prior-year period.