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Cashing in; RecordView.

HE'S a diamond geezer, that new boss of Barclays.

But he's taking an effective pay cut of almost pounds 50million to fill a promoted post and leave behind his moneybags job at the organisation's investment division, the so-called "casino bank".

However, don't shed too many tears for Bob Diamond.

If things go according to plan his pounds 1.35million basic will be boosted with a pounds 3.375million bonus.

And a share option scheme worth pounds 20million could generate pounds 6.75million on top.

That's pounds 11million a year - plus change. That works out at shade above pounds 220,000 a week - around pounds 5500-an-hour - for a 40-hour week.

Not bad - although well down on last year's package, including shares, which hit pounds 60million.

Barclays, it must be remembered, escaped the worst excesses of the banking collapse and managed to survive without Government bailouts.

However, in an age of austerity Diamond - a vigorous defender of the bonus culture and an avid Tory supporter - is not really sending out the right kind of message to the public.

It was Diamond's type - investment bankers - who are at the root of many of today's economic problems.

He's of the breed of risktakers who put the world into financial crisis and recession.

Can he be trusted in such a prestigious job? And how long will it be before greedy bankers elsewhere start demanding similar deals?
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Title Annotation:Editorial; Opinion, Leading articles
Publication:Daily Record (Glasgow, Scotland)
Date:Sep 8, 2010
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