Barclays boss’s £6.3m fuels anger

Have your say

Fresh anger about bankers’ pay has erupted after it emerged that Barclays’ boss Bob Diamond made £6.3m in 2011 and the chiefs of two taxpayer-backed banks are set for additional multimillion-pound windfalls.

Only weeks after the furore over a £1m bonus award to Royal Bank of Scotland chief Stephen Hester it was revealed he is set to receive shares currently worth £1.6m under a long-term incentive scheme.

At fellow taxpayer-backed Lloyds, Antonio Horta-Osorio is set to be awarded 9.6 million shares, worth £3.3m, which will also mature in three years, despite him turning down his bonus after taking sick leave.

The disclosures from three of the UK’s biggest banking groups left City investors deluged with information on pay and bonuses during yesterday afternoon. In the case of RBS, its annual report was released at 4pm.

The releases fuelled fresh anger that bankers are escaping the worst of the economic storm.

TUC general secretary Brendan Barber said Mr Diamond’s award “epitomises how banks have failed the wider economy and got away with it.”

Mr Diamond is set to receive shares worth some £4.9m in three years on top of his £1.35m salary despite a fall in the bank’s profits and it being among the banks hit by payment protection insurance mis-selling claims.

It also said that he pocketed £15.1m last year as previous employee benefit schemes bore fruit, while Barclays also footed a £5.7m tax bill racked up when he left the United States to take the top job in the UK.

David Hillman, a spokesman for the Robin Hood Tax campaign, said: “The pockets of Bob Diamond and his fellow bankers are busting at the seams from their multimillion-pound pay packets, whilst the Exchequer is being left short by the bank’s tax avoidance measures.”

Mr Diamond’s pay-out included a bonus of £2.7m.