Barclays executive is paid £21m

Bob Diamond has worked for Barclays for 12 years

The boss of Barclays' investment banking division, Bob Diamond, took home more than £21m ($42m) in pay and bonuses last year, the firm has said.

The figure includes his basic salary of £250,000, plus shares worth up to £14.4m and a £6.5m cash bonus.

In the same year, Barclays' annual profits fell 1% to £7.08bn due to the global financial turmoil.

But Mr Diamond's division, Barclays Capital, contributed a substantial part of Barclays' overall profits.

"One has to look at what people are delivering against those rewards," said Stephen Mansbridge, chief executive of AGM Transitions, which helps executives negotiate pay deals.

"Bob Diamond contributed about a third towards profits of £7bn and that is not insignificant," he said.

Bob Diamond was paid £22m in 2006, making him the highest earner amongst executives working for firms in the FTSE 100 index.

The Unite union, said the figure would be "received with astonishment" by Barclays staff.

"The millions of pounds awarded to the directors are only possible because of the hard work put in by staff," Unite official Keith Brookes said.

"As a thanks for all this hard work, staff will receive small recognition of their efforts in the form of a cost-of- living linked pay rise and in particular the cashiers will remain very poorly paid," he said.

The 56 year-old Mr Diamond joined Barclays in 1996 and began his career as a business lecturer at the University of Connecticut.

He is currently president of Barclays Group as well as chief executive of its investment banking business.