Barclays Poaches JP Morgan's Morzaria As New Finance Boss

Barclays has poached JP Morgan (NYSE:JPM) executive Tushar Morzaria to become its new finance director from February, offering up to 6 million pounds ($9.1 million) in annual pay and awards to help its recovery from a series of scandals.

It ends a lengthy search for a finance director, after Barclays said in February Chris Lucas would step down after six years in the role.

Morzaria is currently chief financial officer of corporate and investment banking at JP Morgan Chase, where he has spent the majority of his career.

Morzaria, 44, was born in Uganda and moved to Britain in 1971. 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. He will join the board at the start of next year and take over as finance director when Lucas retires at the end of February. ($1 = 0.6621 British pounds)