Qualified advisers answering your
Financial Questions
call 0800 092 1245

Lord Mandelson attacks Bob Diamond

Lord Mandelson has this weekend launched a scathing attack on Bob Diamond, the president of Barclays bank, suggesting that he is "the unacceptable face of banking". The basis of the very personal and very high-profile attack is the fact that Lord Mandelson believes that Bob Diamond is on the verge of receiving a £63 million remuneration payment which relates to various shares and cash bonuses.

While Barclays bank has refuted the £63 million figure, much of which will take up to three years to clarify, there is no doubt that using a complex system of bonuses and share issues Bob Diamond is one of the highest-paid banking executives in the UK. However, this is a man who has a basic salary of £250,000 a year with additional payments all linked to the performance of Barclays bank and the investment arm of which his head.

Quite why Lord Mandelson has chosen such a very personal and a very high-profile attack at this time remains to be seen but it has certainly put the UK banking sector back under the spotlight. Even if the £63 million potential payment is incorrect the headlines have been made and Lord Mandelson has again managed to make the UK banking sector out to be the devil in disguise.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details