LONDON, March 12 (IFR) - Barclays’ investment bank boss Tim Throsby has been awarded shares worth £12.5m, including £9m to compensate him for stock he forfeited when he joined the British bank last year from JP Morgan.
Throsby joined Barclays in January 2017 to be chief executive of corporate and international, which includes the investment bank. He had been at JP Morgan since 2010 and Barclays said on Monday he was awarded shares with a gross value of £9m to cover the buy-out of stock he forfeited when he left the US bank.
Barclays said Throsby was also granted shares worth £3m as part of his variable pay for 2017, most of which is deferred, and £487,500 of shares in so-called ‘role-based pay’ for the first three months of 2018. Full details of Throsby’s pay, including his salary and cash bonus, are not disclosed as he is not on the board.
Throsby is one of several former JP Morgan bankers Barclays has hired, including chief executive Jes Staley.
Barclays’ chief operating officer Paul Compton was also lured from JP Morgan, and Barclays said on Monday Compton had been awarded shares worth £7.3m, including £4.8m for forfeited stock. (Reporting by Steve Slater)