Barclays has extended Nigel Higgins' chairmanship for another three years as part of the bank's ongoing turnaround plan, according to the lender's annual report released on Thursday in London. Higgins, a former Rothschild banker, received an 8% increase in salary to 925,000 pounds.

Higgins was appointed group chairman in 2019 for a three-year term, subsequently extended to 2025. The extension aligns with the UK corporate governance code's recommendation of a nine-year tenure, contrasting with his predecessor John McFarlane's departure after a four-year period.

Under the leadership of Chief Executive C.S. Venkatakrishan, also known as Venkat, Barclays has seen a profit recovery and share price surge following a strategic shift away from the investment bank towards increased shareholder returns.

In 2023, Higgins and Barclays had reviewed former CEO Jes Staley's connections to the late Jeffrey Epstein as part of due diligence.

Higgins, alongside Bank of England Governor Andrew Bailey, who served as the Financial Conduct Authority head from 2016 to 2020, will provide testimony next month in Staley's legal dispute against the regulatory body.