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Barclays boss has bonus cut - but still takes £6.3m package

Chief executive Bob Diamond was paid £6.3m (€7.5m) for 2011 – but had been originally meant to take a total of £9m (€10.7m).

Bob Diamond's package was cut from £9m to £6.3m - but the release of payments previously held back means he received £17m last year.
Bob Diamond's package was cut from £9m to £6.3m - but the release of payments previously held back means he received £17m last year.
Image: Dominic Lipinski/PA Archive

THE CHIEF EXECUTIVE of Barclays Bank has had his bonuses for 2011 slashed – but has still be given a pay package worth some £6.3 million for the 12 months to December.

Bob Diamond had been otherwise due to receive a pay packet worth £9 million (€10.7 million), but has had his package stripped back by his employer, which did not require a taxpayer intervention during the financial crisis.

The £6.3 million (€7.5 million) package is made up of a basic salary of £1.35 million, a £2.7 million share bonus – which itself is only 80 per cent of what he had been due – and perks worth £474,000, as well as a number of other pension contributions.

Details of the payments are contained in the bank’s annual reports and accounts, which are published today, and which show that the bank’s 238 top staff were paid an average of £1.2 million each, with the top eight executives receiving a total of £37.2 million.

The £2.7 million share bonus is well down on what he had received last year, when he was compensated with £6.5 million of shares in the bank, which is worth £29.2 billion.

The Guardian reports that Diamond actually received up to £17 million last year, given that he will receive a further £2.25 million in shares in the coming three years, as well as having the bank take care of a £5.7 million tax bill on his behalf.

He also received £3.7 million from a share scheme going back to 2006, and £1 million from a similar scheme in 2008. Those two payments had been delayed from the onset of the banking crisis.

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Gavan Reilly

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