And it gets worse for Mr. Horta-Osorio.
A few days after the bank announced that grades D and E branch managers would not get the £250 recognition awards, despite the fact that they have been on the frontline since the start of the pandemic, the bank announced 2,152,048 fixed share awards for Q2 2020 for all members of the GEC (Group Executive Committee).
And what do these senior executives have to do to get such awards? Absolutely nothing in particular. In fact, I was going to write “just turn up to work” but they didn’t even have to do that in Q2. Mr Horta-Osorio’s fixed share award was worth £1,050,000 in 2019, up from £900,000 in 2018. So, whilst branch managers have been putting their lives on the line and those of their families, and that’s not an overdramatic statement in the current environment, Mr Horta-Osorio and his fellow executives – all of whom we assume have been working comfortably at home for the last few months – have been awarded 2,152,048 shares between them.
Does that seem fair? During the worst pandemic since 1918, branch managers get nothing but senior executives get a share windfall? We estimate that 2,754 grades D and E managers could have been given the £250 recognition award from the free shares given to senior executives.
And let’s not forget, these free shares are only part of their total pay package.
Members with any comments or issues they would like us to deal should contact the Union’s Advice Team on 01234 262868 (choose Option 1).