Barclays risks public ire with Bob Diamond pay deal

By Louise Armitstead 800PM GMT nineteen March 2010

Comments 8 |

Barclays

Mr Diamond, who won plaudits for waiving his rights to a reward for last year, has picked up a package whose total elements could be worth as most as �60m.

The compensate deal, the sum of that were published in Barclays annual inform yesterday, in set on a bottom of a income of �384,000. But Mr Diamond, who heads up Barclays Capital, additionally perceived �26.8m money from the sale of his shares in Barclays Global Investors (BGI). The item government division, that Mr Diamond helped create, was sole to Blackrock last year.

Deepening monetary predicament engulfs the promissory note industry Reborn Barclays grows ever stronger London staff told to leave as Lehman Brothers goes underneath Barclays olive bend to shareholders is a sincerely baggy one Financial Crisis Gordon Brown on the descent over City bonuses

Mr Diamond was awarded �6m of Barclays shares that vest in 3 years time, and the right to consequence a serve �12m shares over the subsequent dual years if he hits opening targets set by the long-term inducement scheme. As piece of the long-term payments, Mr Diamond picked up �15.6m from dual lots of reward payments he was awarded in 2005 but are usually vesting now.

John Varley, arch senior manager of Barclays, was paid an annual income of �1.1m. He additionally waived his right to a reward but perceived a poignant progress to his grant account receiving it from �12.3m send worth to �17m.

Both directors have concluded to "claw-back" conditions underneath that they will compensate off a little of their compensate if Barclays fails to perform. The annual inform combined that they would not have an enlarge in their arrangement for 2010.

The concessions are doubtful to damp most politicians who have voiced snub at compensate levels opposite the promissory note sector. Governments opposite Europe and America have concluded to try and quell extreme bank compensate but the issue is quite emotive in Britain with the General Election only weeks away.

Barclays annual inform additionally suggested that the bank is stability to compensate Frits Seegers, the former head of retail, �161,000 a month until the finish of the year, notwithstanding him withdrawal Barclays 4 months ago. Barclays shares sealed at 357p, up 1.3pc on the day and scarcely 30pc on the year.