Former BZW chief earned pounds 5m for 13 months' work

THE FORMER head of investment banking at Barclays benefited from a package worth almost pounds 1.5m last year, taking his total benefits for 13 months work at the bank to more than pounds 5m.

The 1997 package made Bill Harrison - formerly chief executive of BZW, Barclays' investment banking arm - Barclays' highest paid director for the second year in a row.

Barclays' annual report, posted to shareholders yesterday, revealed Mr Harrison received a basic salary of pounds 250,000 in 1997 as well as a payment of pounds 946,000 largely relating to his departure from the bank last October. Barclays also contributed pounds 275,000 to Mr Harrison's pension.

Next week, the former BZW chief will also be able to exercise 132,304 share options granted to him in 1996. At current market prices, Mr Harrison's options are worth around pounds 1.1m.

Mr Harrison - who joined the bank in September 1996 - resigned his post just 13 months later after the Barclays board decided to put BZW's equity and corporate finance businesses up for sale.

In 1996, the former BZW chief received a package worth almost pounds 3m.

Martin Taylor, Barclays' chief executive, received pounds 738,000 in salaries and bonuses last year, a fall of 10 per cent. Mr Taylor was provisionally awarded pounds 238,000 of shares under the bank's "executive share award scheme" - this is a deferred award which can be partially collected in 2001. He also has been provisionally awarded 35,000 share options under the bank's longer-term incentive scheme.