BOB Diamond, Barclays’ highly-respected investment banking chief, has been handed a equity-based incentive pay package by the bank which could be worth up to £60m by the time the shares are cashed in.
Diamond, whose basic salary is £384,000, has already been handed £6m of shares which vest in three years’ time. He could also be entitled to a further £12m of shares over the next two years if performance targets are hit.
News of the bumper bonus deal, disclosed in the bank’s annual report at the end of last week, comes after Diamond last month agreed to waive his annual bonus for the 2009 financial year, in the wake of growing populist anger over pay in the City.
But the 58-year-old executive did collect £26.8m last year from the sale of his interest in Barclays Global Investors after the division was sold to BlackRock.