Despite massive public indignation over bankers bonuses, the chief executive of Barclays plc (NYSE: BLS) will receive a £6.5-million bonus, according to reports, making him the highest paid bank boss in Britain.
Diamond received a base salary of £250,000 last year, which means that his total pay package slightly exceeds the £6.2-million pay package of HSBC’s (NYSE: HBC) chief executive Stuart Gulliver.
However, the payout was actually far below the £9-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.