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Barclays man earns record £22m Barclays man earns record £22m
(31 minutes later)
A Barclays Bank executive earned £22m in salary, shares and bonuses last year, becoming the highest earner among firms in the FTSE 100 index.A Barclays Bank executive earned £22m in salary, shares and bonuses last year, becoming the highest earner among firms in the FTSE 100 index.
The total pay for Bob Diamond, head of Barclays investment banking service, dwarfed chief executive John Varley's salary and bonus package.The total pay for Bob Diamond, head of Barclays investment banking service, dwarfed chief executive John Varley's salary and bonus package.
Mr Diamond's basic salary was just £250,000 - with the rest made up of bonuses and cashed-in share options.Mr Diamond's basic salary was just £250,000 - with the rest made up of bonuses and cashed-in share options.
Barclays defended the pay, saying his division had been very successful.Barclays defended the pay, saying his division had been very successful.
'Excellent year''Excellent year'
The latest figures regarding Mr Diamond's pay were revealed in Barclays' 2006 annual report.The latest figures regarding Mr Diamond's pay were revealed in Barclays' 2006 annual report.
No-one in his field doubts that his contribution to Barclays' highly profitable global debt business has been significant Robert Peston BBC business editor Read Robert Peston's blogNo-one in his field doubts that his contribution to Barclays' highly profitable global debt business has been significant Robert Peston BBC business editor Read Robert Peston's blog
The earnings are far greater than those made by Mr Terry Leahy, who as head of Tesco, the UK's largest retailer, had a £4m package that included his salary, bonus and benefits last year.The earnings are far greater than those made by Mr Terry Leahy, who as head of Tesco, the UK's largest retailer, had a £4m package that included his salary, bonus and benefits last year.
On the other hand, the figure is less than that made by Philip Green in 2004. The owner of some of the UK's largest retailers, including British Home Stores, made £460m back then.On the other hand, the figure is less than that made by Philip Green in 2004. The owner of some of the UK's largest retailers, including British Home Stores, made £460m back then.
Mr Diamond's record earnings come soon after Barclays' posted a record pre-tax profit of £7.14bn in 2006 - up by 35% on the year before.Mr Diamond's record earnings come soon after Barclays' posted a record pre-tax profit of £7.14bn in 2006 - up by 35% on the year before.
The firm's High Street banking division saw pre-tax profits rise 17% to £1.2bn - boosted by mortgages and savings accounts.The firm's High Street banking division saw pre-tax profits rise 17% to £1.2bn - boosted by mortgages and savings accounts.
Following the results announced last month, Barclays chief executive John Varley said 2006 had been an "excellent year" and that it was "well-positioned for future growth".Following the results announced last month, Barclays chief executive John Varley said 2006 had been an "excellent year" and that it was "well-positioned for future growth".