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What recession? Fury as Barclays boss Bob Diamond lined up for £10m bonus payment
Barclays chief executive Bob Diamond, once described by Lord Mandelson as ‘the unacceptable face of banking’, is entitled to a bonus in shares of up to seven and a half times his £1.35million salary. The payout for 2011 is likely to put him at loggerheads with Business Secretary Vince Cable, who is understood to have warned him personally last week that banking executives must scale back their bumper rewards.
It follows mounting pressure on bankers to assuage the growing public fury towards their industry by showing restraint in the next bonus round, which starts next month. A report published today by accountancy firm Ernst & Young predicts unemployment will soar to just under three million in the first half of 2013.......Read more here---: Bankers' bonuses: Barclays chief Bob Diamond's £10m payout set to spark fresh anger | This is Money
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The move comes as Ed Miliband attempts to shrug off leadership criticism from his brother David by announcing plans to shame the bonus of Barclays boss Bob Diamond with a parliamentary vote. In a speech today, the Labour leader will seek to capture the public mood over fat cat pay and perks despite coming under fire from his brother for lurching too far to the Left. Mr Diamond, once described by former Labour minister Lord Mandelson as 'the unacceptable face of banking', could scoop a bonus in shares of up to £10million on top of his £1.35million salary.....Read more here--: Barclays to cut bonuses by a third as Diamond fends off anger banker pay |