Barclays Awards Share Options Totalling £32m To 12 Execs

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Barclays Africa2British lender, Barclays, which is the parent company of JSE-listed Barclays Africa Group, has paid out almost £32 million in share options to 12 executives, it emerged on Tuesday.

This is 20 percent less than 12 months ago when Barclays’ share price started on its weak trajectory.

Barclays Africa Group was formed after Absa, South Africa’s biggest retail bank, acquired the African assets of its parent company, LSE-listed Barclays, in a multi-billion dollar deal.

Barclays Africa Group, which listed on the JSE late last year, has operations in 10 African countries.

According to Reuters, Skip McGee, the head of Barclays Americas, took a huge chunk of the share awards.

Reuters reported that he was awarded close to £9 million worth of shares under the bonus plans from the previous years. This information was voluntarily made public by the bank itself.

The British lender has come under heavy criticism for increasing the bonuses of executives last year, even though the profits were weak.