Wall Street star to join Barclays in £6m deal
Barclays chief executive Antony Jenkins has hired a Wall Street investment banker as his right-hand man and agreed to put him on a pay and pension package potentially worth more than £6m a year.
Tushar Morzaria, a Ugandan who came to the UK as a child with his family in 1971, will replace Chris Lucas as finance director in a move that sees the last of the Barclays old guard replaced in the boardroom.
The 44-year-old will be on a salary of £800,000 with a potential 250% bonus of £2m.
On top of that, he will go into the Barclays long-term incentive plan which can pay up to four times the salary.
However, Barclays may end up paying him millions more, as it has pledged to recompense him for any deferred bonuses he accrued in his time at JPMorgan, where he is chief financial officer of corporate and investment banking.
He will also get a relocation allowance to move his wife and two daughters to London from New York.
Analysts noted that Barclays, which has strongly argued for the Government against breaking it up into separate retail and investment banks, will have a chief executive from retail and a finance chief from investment.
Mr Jenkins has repeatedly declared his intentions to clean up the firm's corporate culture after it has played centre stage in a host of scandals, particularly the Libor-rigging affair.
A spokesman for Barclays said Mr Morzaria "fits very much with the chief executive's world view".