8.6 C
New York
Monday, May 27, 2024
Home Industry Barclays executives donate 1/3 of pay to COVID-19 charity

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.

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/

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.