Despite massive public indignation
over bankers bonuses, the chief executive of Barclays
plc will receive a $11 million bonus, according to reports, making him the
highest paid bank boss in Britain.
Diamond received a base salary of $406,000 last year, which means that his
total pay package slightly exceeds the $10 million pay package of HSBC’s chief executive
However, the payout was actually
far below the $15 million bonus he was reportedly in line to receive according
to the bank’s remuneration report and includes no cash up-front.
Under the so-called “Project
Merlin” agreement between the British government and the nation’s largest
banks, bonuses are expected to be reduced in the face of the public’s fury.
As a result, Barclays
and other banks were compelled to reveal the pay schemes of their highest-paid
executives and directors.
Diamond caused outraged recently
when he told MPs that banks no longer needed to express “remorse and
apology” over the banking crisis.
“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,” said Len McCluskey, general
secretary of the Unite union.
“There is no possible justification
for this highly paid individual taking home this enormous windfall.”