Barclays has been accused of trying to bury news that it paid its top bankers an "extraordinarily greedy" £39.5m in bonuses by sneaking out the pay details when most of the City was distracted by the budget.
The bank, which promised it was "changing" after being fined £290m last year for its role in the Libor-rigging scandal, gave £17.6m worth of shares to Rich Ricci, the head of its investment banking division. Ricci, who owns 11 horses that raced at the Cheltenham Festival last week including one named Fatcatinthehat, immediately cashed in all of the shares.
The bonus will swell his pay packet so much that means the taxman will collect £9.3m from his next payslip. However, budget day tax changes including the government's decision to scrap the 50p top rate will result in Ricci taking home an extra £27,149 from his basic salary of £700,000 from next month.
Ricci's bonus is worth 656 times the average UK salary, but Wednesday's payday was dwarfed by the £44m in pay and bonuses he collected in 2010. Full story...
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The bank, which promised it was "changing" after being fined £290m last year for its role in the Libor-rigging scandal, gave £17.6m worth of shares to Rich Ricci, the head of its investment banking division. Ricci, who owns 11 horses that raced at the Cheltenham Festival last week including one named Fatcatinthehat, immediately cashed in all of the shares.
The bonus will swell his pay packet so much that means the taxman will collect £9.3m from his next payslip. However, budget day tax changes including the government's decision to scrap the 50p top rate will result in Ricci taking home an extra £27,149 from his basic salary of £700,000 from next month.
Ricci's bonus is worth 656 times the average UK salary, but Wednesday's payday was dwarfed by the £44m in pay and bonuses he collected in 2010. Full story...
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