Top finance role filled at Barclays

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Barclays has named JP Morgan Chase veteran Tushar Morzaria as its new finance director, succeeding Chris Lucas who retires in February.

The bank said Ugandan-born Morzaria, who is a British citizen, will be paid an annual salary of £800,000 and could be in line for bonuses worth up to £2 million a year.

Along with long-term incentive plan awards of up to £4m, Barclays will also pay him any deferred and long-term bonuses that he forfeits as a result of leaving JP Morgan Chase, where he is currently chief financial officer for corporate and investment banking.

Morzaria’s appointment marks the end of a lengthy search for a successor to Lucas, who announced in February that he would be stepping down after six years in the post.