Barclays PLC cut Chief Executive Bob Diamond's pay packet by a third to £6.3 million ($9.97 million) in 2011, as a series of major U.K banks lowered executive bonuses amid weakening competition to retain top talent in the sector and glum financial results, the Wall St Journal informs us.
In its annual report, Barclays said it cut its total 2011 remuneration for top executives and directors by 22% to £62.2 million compared with a year earlier. Bonus pay at Barclays's investment-banking arm fell by around a third to £1.74 billion.
Mr. Diamond's take-home pay was bolstered after Barclays picked up a £5.7 million tax bill…
Read more at http://online.wsj.com/article/SB10001424052970204781804577271033657902436.html?mod=googlenews_wsj
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