Barclays president to receive more than £60m for 2009 pay package

23 March 2010

Bob Diamond, Barclays president, received more than £60 million in cash and shares for his performance in 2009, the bank’s annual report revealed.

According to the financial institution, Mr Diamond, who received a total salary of £384,000, made £26.8 million from selling shares in Barclays Global Investors.

The banking chief also received 5.56 million shares, thought to be worth nearly £20 million.

Speaking to the UK’s Daily Mail, Labour MP Lindsay Hoyle criticised the bank’s payment process.

She told the newspaper: "The country as a whole will be disgusted. Far from there being restraint, it looks like the excesses have gone beyond all comprehension and decency."

Mr Diamond, chief executive officer John Varley and Chris Lucas, the bank's finance director, all waived their bonuses for the year.

Further findings from the report showed that Frits Seegers, the bank’s former head of retail and commercial banking, will be paid
£161,000 per month until the end of the year.

He will receive the money under the terms of a contract he signed when joining Barclays.

Meanwhile, the bank’s president will also be included in a new share plan, based on the firm's performance between 2010 and 2012.

By Jim Ottewill

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