(Bloomberg) -- Barclays Plc's executives have waived their pay increases for the year in response to the coronavirus pandemic.
Chief Executive Officer Jes Staley and Finance Director Tushar Morzaria asked to delay any increase to their fixed pay for this year until at least 2021, the British bank said in a statement Monday.
The move comes after the directors offered to donate a third of their fixed pay for the next six months to charities working with those affected by the pandemic. They will also receive some share-based payments later than planned.
CEOs Ditching Dividends Should Consider Their Pay, Investors Say
Banks have been granted huge support packages from the U.K. government to ensure lending continues throughout the coronavirus outbreak. At the same time, regulators have pressed banks to curb bonuses and shareholder payouts to conserve capital for loans.
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