Barclays chief faces grilling over bonuses


Barclays chief executive, Bob Diamond, will today face questions from MPs over his reported £8 million bonus.

Bonuses have been a major issue for some time now and have sparked public outrage since many argued that excessive bankers’ bonuses reward the risk-taking culture that led to the financial crisis.

The Treasury Select Committee, who will be questioning Mr Diamond, are expected to pile on the pressure and convince the Barclays chief to waive his bonus.

Other British banks, include state-owned Royal Bank of Scotland, are understood to be planning a return to bonuses after two years of limited handouts and last year’s bonus tax.

Meanwhile, fifty-nine year old Diamond, who assumed the chief executive role on 1 January, is paid a £1.35 million salary.

Mr Diamond was head of Barclays Capital investment bank for 14 years and replaced John Varley.

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