Barclays’ two most senior executives will forego a planned salary increase this year, the bank said — a second sacrifice from the bank’s top brass, as their peers across the sector accept smaller pay packets in 2020 due to the Covid-19 crisis.

The announcement that Barclays’ chief executive, Jes Staley and chief financial officer, Tushar Morzaria, will give up five-figure pay rises on their seven-figure salaries follows on from their decision to donate 33% of their fixed pay to charitable causes related to the Covid-19 crisis. They will also not receive a cash bonus.