Barclays boss Bob Diamond sparked a new row over City pay after it emerged his total deal was worth £17 million in salary, bonus and perks last year.
The bank’s annual report also revealed that two other senior executives were paid more than £6 million and the top 10 got a total of £47 million.
The extraordinary full scale of Mr Diamond’s remuneration was revealed a year after he said that the City’s time for remorse “needs to be over”.
On top of his annual £1.35 million salary he was awarded a £2.7 million shares bonus that he will collect in tranches over the next three years He was also granted shares worth £2.25 million under a long term incentive scheme that will not mature until 2015. More controversially, the accounts reveal that Barclays shareholders footed a £5.745 million US tax bill on behalf of Mr Diamond, who was previously based in New York.
The bank said this was: “In respect of taxes that arose as a result of Bob Diamond’s relocation from the US to the UK, which was required by the board for his appointment as chief executive.” He also got a perks package, including the use of a car and chauffeur and relocation costs worth £474,000.
The accounts also show that he was able to “collect” on two long-term incentive schemes from previous years totalling £4.79 million.
Later this month yet another of these schemes matures worth £7.81 million. If only the elements of his pay package relating to last year are counted the package fell from £9 million to £6.3 million. Last month Barclays reported a three per cent fall in profits to £5.9 billion and said bonuses for senior executives would be down by 48 per cent.
