Barclays bank under pressure regarding remuneration packages
Bob Diamond and John Varley, the two top men at Barclays bank, are today the centre of press focus after the company revealed future remuneration packages for the two. Bob Diamond, the head of Barclays capital, will be on a basic salary of £384,000 a year although with various perks and share entitlements this could multiply by around 150 times!
It was only last year that Bob Diamond earned just under £27 million when he sold his shares in Barclays Global Investors, received £6 million Barclays bank shares and has a further £12 million worth of shares in the offing if he hits future targets.
Despite the fact that Bob Diamond and John Varley both waived their rights to a bonus for the last financial year, they look set to benefit more than most in the future. John Varley's is on a basic salary of £1.1 million a year although he saw his pension pot rise to value of £17 million from £12.3 million. This comes just days after a long-term director at Royal Bank of Scotland announced his retirement with an enormous pension pot put to one side by the company.
While many chief executives and chairmen of leading UK banks have promised sensitivity after the sector was bailed out by UK taxpayers, this is not very evident on the ground.
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