03-07-2011, 07:38 PM
Direct Action Resistance Fighter
Joined: Aug 2006
Barclays chief Bob Diamond awarded £6.5m bonus
Quote:The payout, confirmed by Barclays in its remuneration report, is below the £9m Mr Diamond was reportedly in line to receive and includes no up-front cash.
The announcement comes weeks after the UK's biggest banks agreed to rein in bonuses and lend £190bn businesses this year at the end of the so-called Project Merlin talks with the Government.
Mr Diamond, who took up the top post in January, received £250,000 base salary last year, which means his total pay package overtook his peer at HSBC, Stuart Gulliver, who received combined pay of £6.2m, including bonus.
In line with the Project Merlin agreements, Barclays published details of its top five highest paid senior executive officers, excluding directors such as Mr Diamond.
The figures revealed the highest total pay package outstripped Mr Diamond by around £4m at £10.9m for one unnamed individual, with the second not far behind at £10.6m.
The report also confirmed John Varley, Mr Diamond's predecessor, was awarded a £2.2m bonus on top of his £1.65m salary.
Mr Diamond, who recently told MPs that the time for "remorse and apology" in relation to the banking crisis needed to be over, was previously chief executive of Barclays Capital, the bank's investment banking arm, before taking over from John Varley at the start of 2011.
In his new job Mr Diamond receives an annual salary of £1.35m, up from the £250,000 he was paid every year since 1999, with a potential annual bonus of up to £3.375m.
He is also entitled to long-term performance-based incentive shares worth £6.75m next year.
Len McCluskey, general secretary of the Unite union, said: "Bob Diamond tries to convince taxpayers that the era of remorse and regret within banking is over, yet he has no shame in pocketing a seven figure bonus.
"There is no possible justification for this highly paid individual taking home this enormous windfall."
The remuneration report also shone a light on the amount of pay received by those staff whose work could have an impact on the bank's risk profile.
The breakdown revealed the so-called "code staff" at investment banking arm Barclays Capital received a combined £406m, while those at the retail operation received a combined £45m.
Barclays previously revealed that total staff costs jumped by a fifth to almost £12bn last year, despite a 12pc cut in its bonus pool for investment bankers.
In a year when pre-tax profits rose 32pc to £6.1bn, Barclays added that the group-wide pot for performance-related awards fell 7pc to £3.4bn.
The banking giant denied it was ramping up pay at Barclays Capital to compensate for the smaller bonus pool, claiming the higher staff costs were partly caused by a 7pc increase in headcount and deferred pay and bonuses from previous years.
The average bonus at Barclays Capital, not including salary, was £104,839 compared with £125,100 a year earlier.
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