Barclays Poaches JP Morgan’s Morzaria As New Finance Boss
Its creditdisbursements expanded 32 percent y-o-y to Rs 6,250 crore. “It was our contious decision to reduce exposure in commercial segement including construction equipments, auto components and infrastructure loans. We will continue to do the same. However, we are positively surprised at the growth of our consumer durable loans driven by AC sales,”Jain said.
The British citizen is a qualified chartered accountant who has worked for JP Morgan in London and New York and previously held finance roles at Credit Suisse and SG Warburg. He will be paid a salary of 800,000 pounds and can earn an annual bonus of up to 2 million pounds and a long-term share award of up to 3.2 million. The long-term award would only start paying out in five years’ time. Morzaria is expected to begin work at Barclays this autumn but there will be a lengthy handover period.