Barclays defends bonus payouts

8 March 2011

Barclays has hit back at criticism of its stance on bonuses after it was revealed that recently-appointed chief executive Bob Diamond had been paid £6.5 million ($10.51 million) for his work in 2010.

In the London-based bank's latest report remuneration chairman Sir Richard Broadbent insisted that Barclays was "committed to showing responsibility" over payouts and pointed out that total bonuses were lower than in 2009.

However House of Commons Treasury committee member and Labour MP for Bassetlaw John Mann suggested to the Independent that the panel could call back Mr Diamond to explain why he was paid such a large fee.

"There is no restraint. This isn't an open market; it's an oligarchy. I find this extraordinarily greedy," he told the newspaper.

According to the Guardian, Barclays' headquarters at Canary Wharf was targeted by protesters demonstrating against tax avoidance and the prospect of public spending cuts in the wider borough of Tower Hamlets.

By Gary Cooper

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