Barclays joins rivals with cuts to CEO pension perks

LONDON: Barclays is planning to cut the 396,000 pounds pension allowance it pays Chief Executive Jes Staley by around half, echoing moves by rivals who have pledged to rein in executive pension perks following a campaign by investors.

Barclays is looking to boost typical pension contributions paid to employees from 10per cent to 12.5per cent, the source added. Standard Chartered still plans to pay its top two executives double the pension benefits it pays to general staff. The changes mean that Winters' pension allowance in 2020 will drop to 237,000 pounds and Halford's to 147,000 pounds.

The cut would see his allowance as a percentage of base salary drop to 15per cent, in line with the maximum contribution the bank plans to offer other staff from 2020.

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