$27 Million Payday for Barclay’s Bob Diamon Raises Controversy

by Wall Street Job Report on March 12, 2012

$27 Million Payday for Barclay's Bob Diamon Raises ControversyBy Reuters:

Barclays (BARC.L) faced another backlash over excessive pay after Chief Executive Bob Diamond took home pay, shares and benefits worth 17 million pounds ($26.9 million) last year.

Barclays said Diamond was paid 6.3 million pounds ($10 million) for 2011, down from 9 million in 2010, and his two lieutenants running investment banking were paid slightly more.

But past awards that had been deferred swelled Diamond’s payout at a time when banks are under fire for failing to show restraint on pay for executives and top staff when thousands of jobs are being cut and wages slashed or put on hold after a recession many blamed on the banks.

Diamond was paid 1.35 million pounds salary and 2.7 million in bonus — in deferred shares — for 2011. He also received benefits worth 474,000 pounds, covering things like medical insurance, a chauffeur and tax advice, according to the bank’s annual report released on Friday.

The American investment banker, who took the CEO reins at the start of 2011, also received shares worth 12.6 million pounds from past awards

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