Barclays chief in line for £9 million bonus: report

4th February 2011, Comments 0 comments

The head of Barclays bank, Bob Diamond, is set to receive a bonus of more than £9 million ($14.5 million, 10.7 million euros) this year, it was reported Friday.

Sky News said members of the British bank's remuneration committee had discussed the package and were due to finalise their proposals early next week, with a decision due to be taken at Thursday's full board meeting.

Appearing before British lawmakers last month, Diamond defended performance-related pay amid concern that big bonuses blamed for excessive risk-taking in the financial sector were returning after the economic crisis.

The American banker is infamous in Britain for pocketing huge bonuses as head of Barclays' highly successful investment banking arm, although he waived his bonus for the past two years. He took over as chief executive on January 1.

It would be embarrassing for the British government if he received a massive pay-out this year, after London demanded banks be "responsible" and award smaller bonuses this year.

© 2011 AFP

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