Disgraced former Barclays chief to collect £2m

Accounts reveal 428 bankers at Barclays and 93 at RBS trousered more than £1m

Barclays' former chief executive Bob Diamond is set to pick up a £2m lump sum this summer, a year after he left the bank in disgrace amid the Libor scandal.

The payment was detailed today in Barclays' annual report, which also revealed that the bank last year paid 428 members of staff more than £1m, and five of them more than £5m. But Barclays said it clawed back £300m from the bonus pool after it was fined £290m for rigging Libor rates.

On the same day, Royal Bank of Scotland revealed that it paid 93 employees more than £1m in 2012, and that executive directors and the bank's eight top executives collectively received a staggering £21m. RBS said 368 "code" staff – risk takers and senior managers – received an average of £701,000.

While RBS's chief executive, Stephen Hester, declined a bonus for 2012, he will be eligible for a long-term incentive payment of up to £3.6m, and did receive the first part of a 2010 bonus of £2m in shares now worth £785,000, along with his £1.2m salary.

Sir David Walker, who took over as chairman of Barclays last year, said: "We're going to be much more open in terms of disclosure so the charge that we … were very opaque and obfuscating about remuneration arrangements will no longer be sustainable."

Antony Jenkins, the bank's new chief executive, was paid a total of £2.6m last year, which includes a £1.5m long-term award in shares that will only be handed to him in three years' time. He had already said he would not take his annual bonus, which could have been about £1m.

Sir David, who is paid £750,000 a year, said: "We have reduced what is paid to our staff out of the total in 2012 and we have said that we are on a journey which will take us further in 2013. There needs to be an adjustment. There was a phase of what I think is now seen as excess. That is not where we are now."

Mr Diamond, who resigned as chief executive last summer, was paid £685,000. He remains on his base salary, pension contributions and perks until the end of his notice period in July. The bank said he was not considered for any bonus in 2012, and had given up long-term awards worth a total of £19.9m when he quit. In 2011, he was paid £6.3m and received a £5.75m tax equalisation supposedly to make up for the difference between living in London rather than New York.

The annual report also revealed that the majority of Barclays' employees – 71,581 – were paid less than £25,001.

At the top end of the pay scale, the number earning more than £5m dropped from 17 to five, and those earning between £2.5m and £5m fell from 68 to 50.

Barclays also revealed that its former chairman Marcus Agius, who also stepped down after the Libor scandal, has been retained as a consultant to the bank's corporate banking division on a fee of £175,000 a year.

RBS said that the £21m paid to top executives was still down 16 per cent on last year and total "variable compensation" – bonuses – has fallen 50 per cent since 2010.

But Lord Oakeshott, the former Liberal Democrat Treasury spokesman, said: "RBS paid their four fattest cats £21m of our money last year, with 93 on over a million. They're the best-paid public sector workers by a mile, in a bank that keeps failing the public. Let's end this nonsense and nationalise RBS now."

PROMOTED VIDEO
Life and Style
food + drink
News
Liam Payne has attacked the media for reporting his tweet of support to Willie Robertson and the subsequent backlash from fans
peopleBut One Direction star insists he is not homophobic
Arts and Entertainment
A bit rich: Maggie Smith in Downton Abbey
tvSeries 5 opening episode attracts lowest ratings since drama began
Arts and Entertainment
Ben Affleck stars as prime suspect Nick Dunne in the film adaptation of Gone Girl
filmBen Affleck and Rosamund Pike excel in David Fincher's film, says Geoffrey Macnab
Life and Style
fashion
News
news
News
ebooksAn unforgettable anthology of contemporary reportage
News
people
Travel
Warner Bros released a mock-up of what the new Central Perk will look like
travel
Arts and Entertainment
Lena Dunham
booksLena Dunham's memoirs - written at the age of 28 - are honest to the point of making you squirm
News
i100
Arts and Entertainment
Jake Quickenden sings his heart out in his second audition
tvX Factor: How did the Jakes - and Charlie Martinez - fare?
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Quantitative Risk Manager

Up to £80000: Saxton Leigh: My client, a large commodities broker, is looking ...

COO / Chief Operating Officer

£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...

Senior BA - Motor and Home Insurance

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Market Risk & Control Manager

Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...

Day In a Page

A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits
Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments