Barclays chief exec to receive £6.5m bonus
It has been revealed that Bob Diamond, chief executive of Barclays, will be awarded a bonus of £6.5 million for the 2010 year.
While the figure is lower than a reported bonus of £9 million, Mr Diamond, who was appointed chief executive earlier this year, is already paid a £250,000 annual salary.
The bonus and salary amount will continue anger the public after many argued that excessive bankers’ bonuses rewarded the risk-taking culture that led to the financial crisis.
Since the onset of the crisis, bonuses have been a major issue and the news of Diamond’s bonus comes just weeks after the Coalition Government finalised a deal with banks on lending targets and pay restraints.
Mr Diamond’s bonus comprises £1.8 million in shares and a deferred award of £4.7 million in shares and contingent capital.
Earlier this year, Mr Diamond appeared in front of the Treasury Select Committee and said: “There was a period of remorse and apology for banks, that period needs to be over.”
Last month, the banking giant kicked off the reporting season by announcing better profits than analysts had forecast.
The bank posted pre-tax profits of £6.07 billion for the 2010 year – a rise of 32% compared with £4.59 billion in the previous year.