Barclays boss offered £6.5m bonus

Monday, 7 March 2011 12:00 AM

By politics.co.uk staff

Barclays' boss Bob Diamond is to be offered a bonus worth £6.5 million, according to reports.

The full sum will be revealed in the afternoon, but media sources indicate that Mr Diamond is set to become the highest paid boss of all the high street banks.

Mr Diamond prompted headlines in January during a combative performance in front of MPs, when he argued that the "period of remorse" for banks was over.

During the Treasury committee session he refused to reveal what level his bonus would be put at or even if he would accept it.

The figure is actually slightly lower than the £9 million many commentators had predicted and it comes in the form of partially deferred payments.

"Bob Diamond tries to convince taxpayers that the era of remorse and regret within banking is over, yet he has no shame in pocketing a seven figure bonus," Len McCluskey, Unite general secretary, said.

"There is no possible justification for this highly paid individual taking home this enormous windfall.

"This reported bonus demonstrates the failure of Project Merlin to bring restraint to the culture of greed within the top of our banks."

Unison general secretary Dave Prentis added: "The time for remorse is far from over - we want to see the bankers accepting that they must contribute to paying off the debt they caused.

"Bob Diamond's £6.5 million bonus could pay for more than 200 trained social workers or nurses for a year."

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• banking crisis
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• economy
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• economy and finance