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Last Updated: Monday, 26 March 2007, 22:29 GMT 23:29 UK
Barclays man earns a record 22m
Barclays logo
Barclays announced a record pre-tax profit this year
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.

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.

'Excellent year'

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

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.

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.

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".


SEE ALSO
UK banks 'set for bumper profits'
18 Feb 07 |  Business
Barclays profits hit record level
20 Feb 07 |  Business

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