Barclays Plc’s Absa Group Ltd. has gone from being South Africa’s best-performing bank stock to its worst after an exodus of executives, slowing income and lower profit this year under Chief Executive Officer Maria Ramos.
Absa Group Ltd., the African unit of Barclays Plc, said profit last year missed targets and the firm’s performance, hit by real estate losses, prompted Chief Executive Officer Maria Ramos to forsake a cash bonus and curb boardroom payouts.
Maria Ramos, the chief executive officer of Barclays Plc-controlled Absa Group Ltd. who gave up her cash bonus for 2012, may be entitled to about 19 million rand ($2.1 million) of other payouts by the end of March.
Absa Group Ltd.’s Chief Executive Officer Maria Ramos said International Monetary Fund and World Bank appointments must go to the best qualified people, not to certain countries, in response to a question posed by reporters on Trevor Manuel’s candidacy.
Nedbank Group Ltd., the South African lender controlled by Old Mutual Plc, increased the 2012 pay of Chief Executive Officer Mike Brown by 10 percent to 28.7 million rand ($3.1 million) after profit rose.
Absa Group Ltd., the South African bank controlled by Barclays Plc, identified the employee it suspended amid an investigation into why the lender had to set aside more money to cover rising bad debts.