Socialist Worker

A £42 million pay packet

Issue No. 2044

Barclays Bank president Bob Diamond could grab £42 million for 2006.

The spectacular package is made up of a basic salary of £250,000 but includes a cash bonus of £10.4 million and benefits of £17,000 plus shares worth £4.5 million.

Diamond also made a profit of £5.7 million from the Barclays Global Investors Executive Option plan which he exercised last year.

That brings the total to £20.9 million – which led to outrage. Barclays then revealed that it had made a further award of 934,516 shares to Diamond – worth nearly £7 million at current prices – related to 2006.

If Barclays Capital investment banking operation and other businesses continue the performance of recent years, that could be increased to 2.8 million shares worth £21 million, bringing the maximum total earnings from 2006 to £41.9 million at current prices.

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Sat 31 Mar 2007, 00:00 BST
Issue No. 2044
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