Barclays awards Diamond with 6.3m pay packet for 2011

Barclays has revealed that three of its executives were rewarded with pay and bonuses worth over six million pounds each for their work in 2011.

Chief Executive Officer (CEO) Bob Diamond was given a total of £6.3m in remuneration, which includes a £1.35m basic salary, a £2.7m stock bonus and £2.2m in long-term incentives. Nevertheless, it was well under the £9m pay packet he received in 2010.

Meanwhile, two other unnamed executives - who the Independent speculates are Rich Ricci and Jerry del Missier, co-CEOs of investment banking unit Barclays Capital - were rewarded with pay and bonuses of £6.7m and £6.5m.

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Last month, Barclays reports a 3% fall in total pre-tax profits in 2011, from £6,065m to £5,879m, mainly attributable to a £1,000m provision for the redress of Payment Protection Insurance (PPI) that wasn't recorded the year before.

Banker's pay has come under intense scrutiny recently after it was revealed that Stephen Hester, the head of Royal Bank of Scotland, received a controversial share award bonus award of £963,000, an award that he later waived due to mounting political pressure.

BC