Boris gives bonuses warning to Barclays

0
Have your say

Barclays boss Bob Diamond should “think very carefully” before accepting his estimated £9m annual bonus package this year, according to Boris Johnson.

And the London mayor called on the bank to double its £25m investment in the capital’s bike hire scheme – warning the entire “propped up” sector must give more back to the city.

The senior Tory politician has been a vocal supporter of the City and insisted he expected to be “last politician in Britain” left championing banks’ contribution to the economy.

But he said they needed to reflect public anger over a return to massive profits and bonuses so soon after the taxpayer-funded bail out and do more to help society.

Although Barclays received no direct Government bail-out, the package on offer to Mr Diamond would be likely to fan flames of voter dissent.

Mr Diamond, who is estimated to be worth £95m, was once described as the unacceptable face of banking by Lord Mandelson because of his legendary riches.

“What Bob Diamond does with his bonus is a private matter,” Mr Johnson told BBC1’s Politics Show.

“But if I was handling the PR of Barclays Bank my view is that...people who are privileged to receive substantial sums in bonuses in an industry that was guaranteed by the taxpayer, that was propped up by the taxpayer, should think very carefully about the way those bonuses are received and what they do with them.

“And yes, I would like to see greater share of their earnings going on the city that surrounds them, the community that surrounds them.”

Talking of the bike-scheme, he said: “I think it is good that Barclays coughed up £25m for the bike-hire scheme. Quite frankly I think they could cough up another £25m.”

Back to the top of the page