Barclays Boss Bob Diamond's Bonus Expected To Be £4m
Barclays will reignite anger over bankers' bonuses this week when it reveals a total pay-out of up to £4 million for its boss Bob Diamond.
Its chief executive, who has so far refused to comment about what he will pocket for 2011, could potentially receive more than £10 million, including his £1.3 million salary, bonus of up to £3.4 million and long-term incentives.
Although he is not expected to receive the full amount, the group's annual report due out on Friday will reveal total pay of at least £3 million to £4 million, according to The Sunday Times.
The announcement is likely to anger critics after the bank was last week accused by HMRC of trying to avoid paying more than £500 million in tax, in schemes described as "highly abusive" dodges.
And last month it revealed a 3% fall in profits to £5.9 billion in 2011 and was criticised for not cutting bonuses enough.
The annual report will also give details of the pay of at least five senior executives at the bank.
Rich Ricci and Jerry del Missier, who jointly run its investment banking divisions, are both expected to have earned more than Mr Diamond. It is believed they were both paid more than £10 million in 2010, while Mr
Diamond was paid about £6.7 million.
The group's annual results last month revealed a £1.5 billion bonus pool for investment bankers, which is 32% smaller than the previous year.
But major shareholder group the Association of British Insurers criticised the cut, saying it was only in-line with a 32% fall in profits at the investment arm.
Annual incentives for executive directors and the eight highest paid senior executive officers were down 48% compared to 2010 on a like-for-like basis, though Mr Diamond would not confirm how his own pay fitted into this decline.
The anger at levels of pay-outs in the City has seen Royal Bank of Scotland chief Stephen Hester turn down his
£963,000 bonus and Lloyds boss Antonio Horta-Osorio waive his payout following a leave of absence.
Barclays and other banks have maintained that they need to pay competitive salaries to attract and retain the best staff.