Barclays executives donate 1/3 of pay to COVID-19 charity

Some of the top bosses at Barclays are donating a third of their fixed salary over the next six months to help kickstart a £100m aid package.

Chief executive Jes Staley, chair Nigel Higgins and group finance director Tushar Morzaria are each giving up part of their salary to the cause and Barclays will match these donations in full.

These contributions are part of the bank’s COVID-19 Community Aid Package. This will be directed to charities that are helping support businesses and households that have come under strain as a result of the coronavirus pandemic.

For example, Barclays is contributing an initial £50m, to be deployed primarily in the UK but also in overseas markets, including the US and India.

It has also put aside £50m to match donations by staff to charities of their choice, on condition that they support those impacted by the virus.

With employees coming together, Barclays hope to inject as much as £150m into charities fighting Covid-19.

Staley said: “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.

“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.”

As we have reported previously, Monzo CEO Tom Blomfield recently announced that he would forego his salary for 12 months after furloughing some staff.

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Sources: https://www.reuters.com/article/health-coronavirus-banks-sabadell/update-1-barclays-sabadell-bosses-give-up-some-pay-to-aid-coronavirus-relief-efforts-idUSL8N2BV6VZhttps://www.bloomberg.com/news/articles/2020-04-07/barclays-executives-donate-third-of-fixed-pay-to-virus-charitieshttps://www.fintechfutures.com/2020/04/barclays-top-bosses-give-up-a-third-of-their-paychecks-for-six-months/