© Carl Court/AFP/Getty ImagesAntónio Horta-Osório will now receive a minimum of £2.6m a year (up from £1.7m) and a maximum of £7.7m (down from £8m)
New 'allowances' follow move by HSBC last month to hand its boss £1.7m in shares a year to get around bonus capBailed-out Lloyds Banking Group and Barclays have handed their bosses almost £1m in shares to sidestep the new rules from Brussels which are intended to clampdown on bankers' pay.
Similar handouts, which have become known in the City as "allowances", will be given to about 1,000 staff at Barclays and some 75 bankers at Lloyds. Barclays is facing outcry about its increased bonus payouts, which are being awarded despite a sharp fall in profits in 2013.
Barclays has agreed a £18,000-a-week shares payout for its chief executive Antony Jenkins, who earns a salary of £1.1m a year. Lloyds' boss António Horta-Osório is getting almost the same size allowance, after receiving a total pay package of £7.5m last year.
The new allowances at Barclays and Lloyds follow a move by HSBC last month to hand its boss, Stuart Gulliver, £1.7m in shares a year to get around the bonus cap, which the EU introduced on 1 January and the chancellor George Osborne is fighting in the courts.
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