Barclays is handing shares in the company to tens of thousands of staff for the first time as it prepares to unveil its annual results for 2024.

Sky News has learnt that the UK-based bank informed roughly 90,000 employees on Wednesday that it would make stock awards worth about £500 each.

The total cost of the exercise is in the region of £45m-£50m, one insider said.

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One source said the initiative reflected the pro-share ownership views of Barclays’ chief executive, CS Venkatakrishnan, who has said that democratising equity ownership would stimulate markets.

In a memo to staff seen by Sky News, Mr Venkatakrishnan wrote that employees would receive a grant of 170 Barclays shares.

“As we continue to execute and deliver on our commitments, I am optimistic about what we can achieve together in creating a simpler, better and more balanced Barclays,” he wrote.

Barclays will report its full-year results on Thursday and is expected to show clear signs of progress in the performance of its investment banking business – which for many years acted as a drag on returns.

Mr Venkatakrishnan himself is in line for a revised pay package that will see his fixed compensation slashed but with potential bonuses which could swell his annual remuneration to over £14m.

Barclays declined to comment.