London - Bob Diamond, the new chief executive of British bank
Barclays Plc, was paid a bonus of £6.5m ($10.6m) for last year and
received a similar amount in shares under a long-term plan.
His
bonus was topped by the two new heads of the bank's investment bank arm -
Jerry del Missier and Rich Ricci - with each paid over £10m, according
to pay details released by the bank on Monday.
Diamond's bonus
was less than the £10m media reports had speculated that he was in line
for and less than what he could have received amid continuing scrutiny
of bankers' pay in the UK, a person familiar with the matter said.
Diamond is one of the highest paid bankers in Europe and could prove to be the best paid UK bank CEO for 2010.
The bank's annual remuneration report showed he was paid £6.75m for
last year, including his 250,000 base salary. He also received £2.1m
shares under long-term performance plans (LTIPs) in place over the last
five years, worth £6.6m at current prices.
He could also receive shares worth £2.25m under LTIPs announced on Monday that depend on performance over the next three years.
Diamond took over as chief executive at the start of this year after running the bank's investment banking division.
The new co-CEOs of Barclays Capital, del Missier and Ricci, were paid
£10.9m and £10.6m respectively for 2010, Barclays said under new
disclosure rules required of UK banks.
Diamond's award will not
include any upfront cash. It will consist of deferred shares and the
rest in an instrument that is linked to Barclays' capital strength and
only pay out if its core Tier 1 capital adequacy ratio stays above 7%.
He waived his bonus for 2009 and 2008 but was paid £21m for 2007 and
received big payouts in previous years which prompted former senior UK
politician Peter Mandelson to describe him last year as "the
unacceptable face of banking".
Barclays and its investment bank
arm fared better than most rivals during the financial crisis, however,
and emerged as one of the relative winners. Unlike Royal Bank of
Scotland and Lloyds Banking Group it avoided taking taxpayer bailout
cash, opting to instead raise funds with wealthy Middle Eastern
investors.
HSBC said last week its new chief executive, Stuart Gulliver, was paid £6.2m for last year, when he ran its investment bank.
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