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."
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