Barclays gives £500 share award to 90,000 employees
- Barclays reported a 24% increase in pre-tax profits for 2024, totaling £8.1 billion.
- The bank will grant a one-off share award worth £500 to nearly all of its 90,000 global staff.
- This initiative is part of Barclays' strategic plan to enhance employee engagement and align interests with shareholders.
In the UK, Barclays, a leading banking group, recently revealed that it will be granting a one-off share award to almost all of its 90,000 global employees. This significant move comes after a successful financial performance, wherein Barclays reported a pre-tax profit of £8.1 billion for the year 2024, marking a 24% increase from the previous year. The share award amounts to £500 worth of shares for each eligible employee, totaling an estimated £45 million to £50 million in payouts. CEO CS Venkatakrishnan emphasized that this initiative aligns with his vision of promoting equity ownership among staff and fostering a closer relationship between employees and shareholders. In addition to the share award, the bank is starting a three-year strategic plan aimed at enhancing its operational performance and bolstering its investment banking sector. Barclays' management believes that by encouraging employee ownership, they can stimulate market growth and strengthen the company’s overall performance. Despite facing challenges in the previous years, particularly concerning its investment banking business, the results from 2024 show clear progress and resilience amid a dynamic market landscape. Moreover, the bank is addressing customer concerns in light of recent technology failures, with Venkatakrishnan publicly apologizing to customers affected by outages. Amidst this, Barclays is focusing on ensuring customer satisfaction while continuing to grow its revenue and market presence. As Barclays shares have dramatically increased in value over the past year, staff are also benefitting from this growth through the awarded shares. Overall, this share award represents not only a form of financial recognition for employees but also serves as a strategy to enhance morale and align employee goals with those of shareholders. With a positive outlook and plans for future growth, Barclays is positioning itself favorably in the competitive banking sector, ready to face challenges while rewarding its staff for their contributions.