Bob Diamond Succeeded By Two Executives In The Pay League

By Author: Jessica Jetti
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Today it is revealed and now creating a buzz that two unnamed Barclays directors have knocked chief executive Bob Diamond off the top of the bank’s pay league, despite the latter earning £6.3m in pay and bonuses in 2011. Rich Ricci and Jerry Del Missier, who jointly run its investment banking divisions, the executive who received the highest pay was not named in the bank’s latest annual report, received £6.7m - and another was awarded total remuneration of £6.5m. Bob Diamond was the highest paid Barclays employee before he became chief executive

Earlier too John Varley former boss of Barclays was paid less than Diamond when the latter headed up Barclays' investment banking operation, Barclays Capital. A bonus of £2.7million, £1.35million salary and long-term incentives of £2.2million was included in his total pay. At a time when the bank's profits fell 3% and amid continuing criticism of bankers' pay, Barclays bank boss Bob Diamond received £17m in pay, shares and perks last year. In three years' time, according to the performance the bank also paid £5.7m to cover Diamond's tax bill and he was awarded another ...
... £2.25m in shares which will pay out.

In 2011 after Barclays reported a 3% fall in profits to £5.9billion the bonus award was 80% of the possible maximum. The payment protection insurance (PPI) scandal also affected his award. On Friday the bank’s annual report and accounts revealed the details of Diamond's payout. It showed that 238 of the bank's senior staff were paid an average of £1.2m. On top of his £1.35m salary, Diamond received a £2.7m share bonus. He also received perks worth £474,000 – which usually covers bills like chauffeurs, security and the cost of personal financial advice. Another £3.7m was released from a share scheme dating back to 2006 – which was delayed after the banking crisis – £1m from a 2008 scheme and £7.8m from a separate executive share award scheme. Need quick money apply with instant loans for bad credit and get fast funds and settle all your financial problem.

Diamond’s bonus of £2.7million was not affected by the HMRC's tax avoidance claims, which Barclays said will be taken into consideration for his payout in 2012, and will be paid in shares not cash. The bank, which has already come under fire for not reducing bonus payments enough, also revealed that the average bonus for employees at its investment banking arm Barclays Capital was down 30% to £64,000, despite a 32% fall in profits there.

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