Barclays chief 'could receive £9m'

Barclays boss Bob Diamond could be in line to receive a bonus package of more than £9 million, it was reported.

Members of Barclays’ remuneration committee have discussed giving the package to the new chief executive although a decision will not be made until next Thursday when the full board meets and the final figure could be amended.

Sir Richard Broadbent, the senior independent director and chairman of the bank’s remuneration committee, has disclosed the plans to some of Barclays’ largest investors, Sky News said.

A spokeswoman for Barclays stressed no decision has yet been taken.

Barclays is also likely to say the proportion of its revenues it pays out to staff has risen from 38% to “a figure between 40% and 45%”, when it reports full-year results on Tuesday February 15, the broadcaster said.

Although Barclays received no direct bail-out from the Government, such a large rewards package would be likely to fan flames of public anger about the bonus culture in the banking sector.

Mr Diamond, who is estimated to be worth £95 million, was once described as the unacceptable face of banking by Lord Mandelson because of his legendary riches.

The bank chief recently told a Treasury Select Committee of MPs: “There was a period of remorse and apology for banks and I think that period needs to be over.” He said he had waived his bonus for the past two years but told the committee he would need to discuss with his family whether to do so again.

Mr Diamond was previously chief executive of Barclays Capital, the bank’s investment banking arm, before taking over from John Varley at the start of 2011.

In his new job Mr Diamond receives an annual salary of £1.35 million, up from the £250,000 he was paid every year since 1999, with a potential annual bonus of up to £3.375 million. He is also entitled to long-term performance-based incentive shares worth £6.75 million next year.