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03/08/2021

WHO’S GETTING WHAT? Rio Tinto, HSBC Bank, Barclays Bank

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Rio Tinto

Rio Tinto’s former chief executive Jean-Sebastien Jacques received a 20% pay rise for 2020,
taking his total pay to $7.2m. The Anglo-Australian mining giant came under heavy criticism for blasting the Juukan Gorge caves, ancient Aboriginal rock shelters, costing Jacques his executive performance bonuses, worth an estimated $2.7m so forcing him to stand down, says the Financial Times. The increase in his pay is due to the surge in the value of unvested shares awarded in 2016 when he took on the role.

HSBC Bank

HSBC bank is handing its finance chief, Ewen Stevenson, a £147,000 pay rise after deciding to expand his responsibilities as part of the latest executive reshuffle at Europes biggest lender. The former NatWest finance chief will see his base salary increase from £950,000 to almost £1.1m in April, but sources close to the bank said Stevenson had decided to donate the first year’s increase to charity, says Sky News.

Barclays Bank

Barclays Bank CEO Jes Staley received an annual bonus worth £843,000, taking his total pay for 2020 to £4m, down from £5.9m the previous year. While Staley donated £392,000 of his income last year to the bank’s coronavirus fund, he did not waive his bonus like rivals at NatWest and Lloyds, according to The Guardian. The overall bonus pool for Barclays’ bankers rose by 6% for 2020 to 11.6bn despite pre-tax profits falling to £3.1bn from £4.4bn a year earlier.

Nice work if you can get it!

It pays to be a European investment banker right now, less so if you work in another part of the business, such as retail banking says Owen Walker, Stephen Morris and Attracta Mooney in the Financial Times. Investment bankers such as Credit Suisse and Barclays are set to enjoy increased bonuses after a bumper year of trading and deal making, whereas retail bankers will see their payouts cut or cancelled altogether. Staff at Italy’s Intesa Sanpaolo and Germany’s Commerzbank have had their payouts cut by as much as half, Lloyds has cancelled payouts for last year. Bosses face a tricky balancing act between rewarding staff who capitalised on the boom in trading, listings and deal-making while acknowledging the bleak economic environment and seeking to avoid tarnishing their improved public image they rebuilt since the 2008 financial crisis.

Source: moneyweek.com

Kris Paterson is a writer for www.whatjobs.com the global job search engine

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