Diamond’s forever raking in his massive cash bonuses
The head of Barclays investment banking service, Bob Diamond, earned £22m in salary, shares and performance bonuses last year and became the highest earner in the companies that make up the FTSE 100.
Barclays defended the decision, saying that the division had been exceptionally successful, but many UK current accounts holders with the bank were not so keen.
“This is an obscene amount of money to earn,” said 26-year-old Kate Mellie, an advertising executive from London.
“I earn a fair salary for what I do and I pay for my bank account, which is not a problem as it is a good one, but this level of reward sticks in my throat. It’s simply too much.”
But Barclays reiterated that 2006 had been a good year for the business and that it had posted a record pre-tax profit of £7.14bn.
Diamond’s remuneration even dwarfs that of Terry Leahy, the chief executive of Tesco, the UK’s largest retailer, who earns a comparatively modest £4m in salary, bonus and benefits last year.
One of the few executives to have beaten Diamond’s figure was Philip Green, boss of some of the UK’s largest retailers. In 2004 he took home £460m, although that figure has declined in subsequent years.