London — Barclays is planning to cut the £396,000 ($508,068) pension allowance it pays CEO Jes Staley by about half, echoing moves by rivals who have pledged to rein in executive pension perks following a campaign by investors.

The British lender is consulting shareholders on the proposal in a review of its remuneration policy to be voted on at the bank’s annual meeting in 2020, a source with knowledge of the matter said...

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