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Barclays 'gearing up for new bonus dispute'

Barclays is readying itself for a new row on bonuses as it prepares to reveal its payout plans for chief executive Bob Diamond.

The new setup could see Mr Diamond handed an additional £3.4 million on top of his £1.3 million salary - a sum that is unlikely to sit well with investors, the Daily Telegraph reports.

Indeed, with extra incentives, it is believed the industry figure could come away with a total exceeding the £10 million mark.

In addition, the report will detail the handouts given to a number of other senior officials at the bank - which has a history of more than 300 years - including joint controllers of its investment banking divisions Jerry del Missier and Rich Ricci.

The duo are thought to have earned more than Mr Diamond, while the terms of pay for a further three executives will also be laid out.

Barclays has defended its decision to continue with its bonus scheme by claiming it needs such monetary incentives in order to retain the best staff, despite leading figures at other financial institutes - such as Stephen Hester at Bank of Scotland and Antonio Horta-Osorio from Lloyds Banking Group - turning down their payouts.

By Asim Shah