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

Share this article

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 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.


Kris Paterson is a writer for the global job search engine

Similar Articles

Don't Miss

Apple watch may gain blood pressure, glucose and alcohol monitoring capabilities

Apple has been revealed to be the largest customer of the British electronics start-up Rockley Photonics. The company has developed non-invasive optical sensors for detecting multiple blood-related health metrics, including blood pressure, blood glucose, and blood alcohol levels. These types of biometric data are only normally detectable with more invasive and dedicated medical equipment.

Hyper-local offices and central HQs could chart the path forward to save cities

Enforced home working and lockdown travel restrictions due to the Covid 19 pandemic have emptied out cities in the UK. Despite the lack of commute and the improved work/life balance surveys show a strong desire by employees to return to the office, albeit in more flexible terms.

Merseyside locals slam Amazon development and ask ‘where are the jobs?’

When Amazon applied for permission to build a huge "sortation" center in the former pit village Haydock in Merseyside, the local council supported the scheme because of the promised 2,500 jobs that would be created, despite it being built on green belt land.