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