Barclays’ top bosses give up a third of their paychecks for six months
Barclays’ top bosses have announced that they will donate a third of their paychecks for the next six months to charities supporting coronavirus relief.
The bank’s chairman Nigel Higgins, group CEO Jes Staley and finance director Tushar Morzaria, will all give up a third of their pay as part of Barclays’ £100 million ‘COVID-19 Community Aid Package’ to be delivered by the freshly launched Barclays Foundation.
Donations by all three executives will also be matched by the bank, which estimates that individuals could give up to £50 million, meaning the bank would match this with a further £50 million.
Higgins’, Staley’s and Morzaria’s donations are intended to “kickstart” what the bank hopes will be a wider employee-driven programme to donate fractions of earnings to the coronavirus relief effort.
The Barclays Foundation is contributing an additional £50 million – giving the package a full potential of £150 million – to charities to help vulnerable people during the crisis and alleviate “social and economic hardship”.
This money will be disbursed largely in the UK, with Barclays’ international markets such as the USA and India also benefiting.
“We want to do more to back the communities in which we live and work, and to provide help to those who have been hardest hit by the consequences of the coronavirus pandemic,” says Staley.
“That’s why we’ve launched this Community Aid Package, which we hope will make a positive difference, working with charity partners here in the UK and around the world to deliver help where it’s needed most.”
Barclays says it will also be setting out further programmes to help support businesses and households in the coming weeks.