More

HuffPost Social Reading

Bankers' Bonuses: Barclays Boss Bob Diamond Expected To Land £10m Payout

Bob Diamond

The Huffington Post UK   First Posted: 6/02/2012 11:10 Updated: 6/02/2012 11:27

Amazing
 Inspiring
 Funny
 Scary
 Hot
 Crazy
 Important
 Weird

The row over bankers' bonuses is set to reignite with Barclays expected to hand an estimated £1.5bn to traders, including a huge payout for its chief executive.

Boss Bob Diamond is expected to receive a £2m bonus on top of his basic salary of £1.35m. With shares bonuses on top, the total package could run to more than £10m.

Barclays annual results, due on Friday, are expected to show the bank made a £6bn profit, despite the ongoing turmoil in the eurozone.

However, this is less than last year, with the 2011 bonus pot expected to be 30% down from 2011.

Liberal Democrat Treasury spokesman Lord Oakeshott reacted with anger at the news, accusing the banks of being out of touch.

"They promised restraint as part of the Project Merlin lending agreement with the Government," he said.

"But the bonus party is in full swing with Bob Diamond master of ceremonies. Restraint is not on their menu."

Pay at Barclays Capital, the bank's investment arm, is eight times higher than the UK average salary at £210,000.

Barclays would not comment on the bonus payouts and it remains uncertain whether they will reveal Diamond's eventual payout.

This weekend it was revealed Mike Sherwood, head of UK operations at Goldman Sachs, would receive more than £6m on bonus payments, despite a 44% fall in the bank's profits.

FOLLOW HUFFPOST UK

The row over bankers' bonuses is set to reignite with Barclays expected to hand an estimated £1.5bn to traders, including a huge payout for its chief executive. Boss Bob Diamond is expected to rec...
The row over bankers' bonuses is set to reignite with Barclays expected to hand an estimated £1.5bn to traders, including a huge payout for its chief executive. Boss Bob Diamond is expected to rec...
Related News On Huffington Post:
 

Read more from Huffington Post bloggers:
Mark Donne

Mark Donne: Don't Bash the Banks - Abandon Them

Bob Diamond seems like a discerning man. If anyone knows his Maldives from his Margate and his gastronomy from his Greggs the Baker, Bob is our man. So I feel quite relaxed, even pacified that when as expected this Friday he receives his millions in bonuses, he'll know how to spend them tastefully, but also with panache.

More in UK...


 
 
  • Comments
  • 38
  • Pending Comments
  • 0
  • View FAQ
Comments are closed for this entry
View All
Favorites
Recency  | 
Popularity
Page: 1 2  Next ›  Last »  (2 total)
BigClive
16 Fans
08:34 on 07/02/2012
If Fred Goodwin didn't exist Barclays would have bought ABN AMRO instead and Diamond wouldn't be in this position telling us how lucky we are to have him and how bad it would be for us if he ever left.

I know I have already committed a small fortune (and my children too) to propping up your banking system, Bob, where your massive bonus this year is coming from, but I'm willing to shell out for your bus fare too if you ever want to go.
Permalink  |
northern git
56 Fans
21:02 on 06/02/2012
who needs £10m salary or £6.5 m bonus

they can not spend it
Permalink  |
Kenz300
1543 Fans
20:58 on 06/02/2012
There should be no bank bonuses or dividends until this financial crisis is over.

Banks need to shore up cash and de-leverage their investments.

They need to close down the Casino part of the business and get back to lending.
Permalink  |
northern git
56 Fans
21:33 on 06/02/2012
how do they think the can spend that money

on what?

while people suffer at the hands of banker who don't give a damn

how caan they justify that that much money for a years effort (won't call it work)
Permalink  |
This user has chosen to opt out of the Badges program
photo
Orthrus
42 Fans
20:10 on 06/02/2012
As a Barclays shareholder I'm absolutely delighted that Bob Diamond and all the senior executives are achieving their bonus targets.

What would concern me is if they failed to achieve their bonus targets.
Permalink  |
ologig
0 Fans
20:58 on 06/02/2012
Self interest must enlightened to be free of criticism.
Permalink  |
northern git
56 Fans
21:06 on 06/02/2012
no one is worth £10m whatever they do
Permalink  |
This user has chosen to opt out of the Badges program
wastel4b
36 Fans
14:15 on 06/02/2012
Although shareholders should be able to veto bonuses like this, all the big institutions vote in favour. The reason of course is that they're all robbing their own companies blind too. Neither lender nor borrower be and keep your money in a mutual. Oh and pay off your credit card bill in full every month. Their pips will soon start to squeak
Permalink  |
lizgauge
0 Fans
14:03 on 06/02/2012
How generous and selfless Barclays shareholders are! Those who were educated to look to Barclays share dividends for their pensions are now prepared to forego food and warmth in these winters so that Bob Diamond can blow his trumpet. As for the fund managers, well, he knows they won't vote him down because they might want a job with him some day. And as for the public, well, there are none so thick as those who think it's better to put the bank in hoc to the Arabs for 14bn stake money to take advantage of our government's quantitative easing than get help from the taxpayer who doesn't give kickbacks.
Permalink  |
photo
figurewizard
20 Fans
13:21 on 06/02/2012
I have shares in Barclays and they have bombed. What the Hell justification is there for this?
Permalink  |
photo
Sickofpoliticians2
here to pissuoff
98 Fans
13:12 on 06/02/2012
This is just obscene, one years wage and bonuses that would take an average person 40 lifetimes to achieve. Whether or not this bank or any other contributed to the disaster no-one should get this sort of payment while people are on the poverty line in this country.

Goldman Sachs were instrumental in the greek lies of EU entry qualifications but its considered "creative accounting" amongst bankers and politicians though I'd reckon theres a few Greeks not too happy about it, however they all want to remain part of the EU gravy train as the IMF, ECB and World bank continues to prop up the failure that is Greece.
Permalink  |
SATCHMAN99
6 Fans
13:51 on 06/02/2012
Peopel from all walks of life have been getting bonuses for years. There has been poverty for years. What changes?
Permalink  |
photo
Sickofpoliticians2
here to pissuoff
98 Fans
14:21 on 06/02/2012
These are no "bonus" for productivity, try getting double your wage in the real world as a bonus, or even 10% on a production line and you may just be able to figure it out, theres people on a pension can't heat or eat and you think 40 lifetimes of an ordinary persons wage is justifiable for one years work, I think you need re-evaluate your reason for being a part of the human race if you think this is fine, greed changes everything, for the worst.
Permalink  |
photo
Sickofpoliticians2
here to pissuoff
98 Fans
14:51 on 06/02/2012
In answer to your socialist comment, I'm no socialist but I do believe society should be fair and not biased in favour of a limited segment of that society at the detriment of all others. I wouldn't give massive rewards to prima donna sportsmen either, 1966 was this country's last great sporting achievement proving our clowns are not up to scratch in the sport world either, I definitely wouldn't sanction 10 billion for the upcoming farce of the olympics, then again I'm not allowed to squander a nations wealth like politicians and bankers. You seem to be very defensive of these crooks and charlatans, lets hope your job is the next to go and you can learn what real life is about, I just hope you can then benefit from someone of similar attitude to yourself, now that could be an eye opener for you couldn't it.
Permalink  |
marpica
2 Fans
13:04 on 06/02/2012
Barclays IS A PRIVATE CONCERN costing the taxpayers no money.
Permalink  |
arisole
19 Fans
13:45 on 06/02/2012
May I ask marpica who owns the money this ah is getting???
Permalink  |
SATCHMAN99
6 Fans
13:50 on 06/02/2012
Money is owned by all who use the bank. That money is invested and money made. Bonuses are paid from it as well as interest on savings and staff salaries.I think perhaps what Marpica is getting at is that they were not bailed out by the tax payer.
Permalink  |
Average Jeff
0 Fans
12:42 on 06/02/2012
Bob an jack-a$S... he made $6 million last year, and more this year, meanwhile the people doing all the hard work and making/saving the bank money received 20-40% lower bonuses than last year. Strong work Bob you dikkkk.
Permalink  |
SATCHMAN99
6 Fans
12:45 on 06/02/2012
Agreed the workers should get more of a share..but you can't rope barclays into the same league as lloyds and RBS.
Permalink  |
treborlocin
17 Fans
12:40 on 06/02/2012
wasnt this the guy that said the time for blaming the bankers is over just as the rest of us started paying for thier mistakes.
Permalink  |
SATCHMAN99
6 Fans
12:42 on 06/02/2012
What mistakes did Barclays make?????
Permalink  |
SATCHMAN99
6 Fans
12:39 on 06/02/2012
Barclays wasn't bailed out by th etax payer. It has made it's own way without any help. The people who have worked for this deserve every penny.This country is now dependent on banking and services sectors. So work it out people. You want a successful country running back on top form? These are the people we rely on now since the demise of our manufacturing industries over the years.
Permalink  |
photo
HUFFPOST SUPER USER
Saint wright
old chippy
71 Fans
 
12:45 on 06/02/2012
so you work for a bank then?
Permalink  |
SATCHMAN99
6 Fans
12:49 on 06/02/2012
Nope..But why should Barclays staff and management suffer through The likes of RBS and Lloyds???
Permalink  |
arisole
19 Fans
13:47 on 06/02/2012
All the comments about Barclays being such a good bank who's money is in the bank? Is it just those who work in it. Or are all the positive comments just from ppl who work at present or did work for them in the past??? MUST BE
Permalink  |
photo
thereiver
49 Fans
12:32 on 06/02/2012
it is a private company he has a contract with the company. If people do not like it then stop banking with Barclays. stop supporting any organisation connected with them. all organisations work on the principle that the public will moan they will groan and complain but as along as the money still comes in they couldn't give a damn.
Permalink  |
LeslieMidnight
6 Fans
 
12:28 on 06/02/2012
Of Bob Diamond's £10 million bonus, £5M goes straight to the Treasury (ie UK Taxpayer). Bob is part of the 1% of taxpayers who pay 28% of the UK income tax, making it possible for some housing benefits claimants to receive up to £26,000 TAX FREE! Which is more than the national average salary, which is TAXED! You work it out. No Bobs, no benefits.
Permalink  |
marpica
2 Fans
13:05 on 06/02/2012
I agree.
Permalink  |
Call Me Dave57
19 Fans
14:59 on 06/02/2012
No it doesn't - if he keeps the shares for five years or more - the tax bill is vastly reduced.....
Permalink  |
Electrastar
35 Fans
12:15 on 06/02/2012
*fraternise with bankers at the tax payers expense.*
Permalink  |
Page: 1 2  Next ›  Last »  (2 total)