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Article: GBP 15m gem of a deal for Diamond
- Article from:
- The Scotsman
- Article date:
- February 22, 2006
- Author:
CopyrightCopyright 2006 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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A DIAMOND is not only a girl's best friend; it is Barclays' best
friend, too.
The bank, which yesterday reported record profits of GBP 5.28
billion, up 15 per cent on the previous year, is to reward its
president, Bob Diamond, with one of the most lucrative City deals.
While his basic annual salary is GBP 250,000, his
performancerelated pay is GBP 15 million a year. Yet, the former
teacher from Connecticut has been so successful in running Barclays
Capital, the bank's investment arm, that he is set to collect a
further bonus of GBP 14.8 million in 2008, taking his total package
that year to nearly GBP 30 million.
The massive bonuses paid to senior staff come at a time when
Barclays is ...