Jes Staley And The Barclays Golden Parachute That Didn't Open

When Jes Staley exited as CEO of Barclays in November 2021, part of his contractual exit package entitled him to continued pay and benefits during his notice period. Under that agreement, Barclays committed to 12 months’ notice, meaning Staley continued to receive his fixed salary of about £2.4 million per year (paid in a mix of cash and shares), a pension allowance of around £120,000, and other standard benefits through late 2022. Barclays was also obligated to cover his repatriation costs to the United States as part of the departure arrangements.

However, due to regulatory scrutiny over his relationship with Jeffrey Epstein, Barclays froze roughly £22 million worth of his unvested bonus awards, which significantly reduced the total payout he would otherwise have received upon departure. Much of his long-term incentive compensation remained unvested and withheld pending investigations, meaning that while Staley received his contractual pay and benefits during the notice period, the large performance-based bonuses that could have boosted his overall exit compensation were not paid out.


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