Barclays' disastrous mistake with a structured finance product continues to reverberate around the bank with calls now for finance director Tushar Morzaria to have part of his bonus annulled.
The bank sold more of the structured and exchange traded notes than it registered, which under US rules meant it had to buy the whole US$15bn issue back at the original price, generating a loss of £450mln.
Morzaria announced in February that he would step down later this month after eight years as the bank’s finance head, but according to Sky News several investors want some of his £1.5mln deferred bonus and £1.9mln LTIP awards in 2021 cancelled.
Not including bonuses Mosharia earned £1.8mln in 2021 taking in pension contributions and other taxable benefits.
Earlier this year the bank suspended bonus payments to former chief executive Jes Staley when the FCA started an investigation into his alleged links to disgraced financier Jeffrey Epstein.
At the time, Barclays said: "In line with its normal procedures, the committee exercised its discretion to suspend the vesting of all of Mr Staley's unvested awards.”
Staley stepped down in November to contest the allegations about his relationship with Epstein, who committed suicide in prison.
The unvested awards were said to be worth nearly £22mln.
Shares in Barclays today rose 1.4% to 150.3p.