Rich Ricci Barclays: As austerity budget is announced investment boss lands 18 million windfall


As austerity budget is announced… Barclays investment boss Rich Ricci lands 18 million windfall as bank dishes out 40million to nine top execsBarclays executive Rich Ricci was also given a 6m bonus last monthNine executives get a total of 40m in share awards on Budget day'Barclays bosses are wired into another planet,' Unison's Dave Prentis

.

Barclays chief executive Antony Jenkins, who also agreed not to take a bonus for last year, picked up 1.8 million shares worth 6 million and immediately sold half – netting him 2.9 million.

This follows a 2.6 million total pay package paid to Mr Jenkins last year, including a 1.5 million long-term incentive bonus due to pay out in future years if he meets performance targets.

Nine executives in total received share fortunes worth a combined 40 million today in what is likely to stoke further controversy over pay deals at the bank following its Libor rate rigging scandal and mis-selling controversies.

The timing of the announcement to coincide with the Budget also attracted criticism, although Barclays claimed it planned today's release months before the Chancellor set the date.

Dave Prentis, UNISON General Secretary, said: 'Barclays bosses are clearly wired into another planet. Bonuses on this scale for people who already earn astronomical wages are a disgrace. It’s Bleak house for the majority but the minority get to party on.

The measures outlined in the budget mean public sector workers will face a six year freeze and squeeze on pay – all thanks to the banking crisis and the government's failure to turn recession into recovery. They will rightly be very angry at this news.

'All over the country, the fall out of the banking crisis means public service workers are losing their jobs, and vital local services are shutting down leaving people are going without the care and support they need, while bankers just keep on lining their pockets.'

Details of the share awards come after Barclays revealed in its annual report earlier this month that 428 workers were paid more than 1 million last year, including five who got more than 5 million despite a year of scandal and falling profits.

The report also highlighted a widening pay gap at the bank as it showed there were more than 71,500 staff who received less than 25,000 last year.

Row: Senior Barclays staff, many of whom are based here in London, received 40million in payouts today, the bank announced

Row: Senior Barclays staff, many of whom are based here in London, received 40million in payouts today, the bank announced

Barclays stressed that today's share awards were for deferred annual bonus payouts from previous years and long-term incentive schemes.

A Barclays spokesman said: 'Barclays has revised its remuneration policy and all future incentive awards, short and long-term, will be based on the new principles that have been set out.'

Last week Barclays executive Rich Ricci got even richer after his horse Champagne Fever won the first race of the Cheltenham Festival.

The multi-millionaire banker scooped 68,340 prize money after his horse romped home in the William Hill Supreme Novices’ Hurdle ahead of favourite My Tent or Yours.

Champagne Fever is one of 11 horses the Barclays head of investment banking has competing in the festival, including the even more provocatively named Fatcatinthehat.

The name is believed to be a mocking reference to a 2011 newspaper article about Mr Ricci headlined ‘Who’s the fat cat in the hat The rich world of Rich Ricci.’

Winning the race: Banker Ricci, who is worth an estimated 57 million has a total of 11 horses competing at Cheltenham Festival this year (file photo)

Winning the race: Banker Ricci, who is worth an estimated 57 million has a total of 11 horses competing at Cheltenham Festival this year (file photo)

Taking the lead: Champagne Fever won the first race of the Cheltenham Festival yesterday, making an already rich Rich Ricci richer

Taking the lead: Champagne Fever, in the lead, won the first race of the Cheltenham Festival yesterday, making an already rich Rich Ricci richer

Mr Ricci is a hugely divisive figure who helped run the Barclays investment bank while traders bragged about manipulating Libor interest rates, which led to the bank being fined 290million.

Critics see him as the epitome of the aggressive ‘casino’ culture under former Barclays boss Bob Diamond.

US born Mr Ricci is worth 57m according to The Sunday Times rich list.

He cashed in 9.7million of shares bonuses last year, earned 44million of pay and perks in 2010 and is set to pocket up to 6million in deferred shares bonuses this year.

With his 49-year-old English wife, Susannah, he owns 30 horses with Ireland’s champion trainer Willie Mullins.Their thoroughbreds have won 588,125 in prize money this season.