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Bank charges: MPs criticise Barclays’ bonus

MPs have criticised Barclays’ decision to award a bonus to former chief executive officer (CEO) Bob Diamond.

Chair of the Parliamentary Commission on Banking Standards, Andrew Tyrie, described the defence from head of Barclays pay committee as “absolutely extraordinary”.

Sir John Sunderland, who is current the head of the pay committee, said that Mr Diamond deserved recognition for the work he had done as CEO of the bank.

Former head of the committee, Alison Carnworth, opposed the decision to award Mr Diamond a bonus. When she addressed the commission last year she said that Mr Diamond did not accept that his pay was too high.

Mr Diamond resigned from his position after Barclays was fined £290 million for its involvement in the London interbank offered rate (Libor) fixing scandal. He was awarded a £2.7 million bonus in 2011.

It has also been revealed that Barclays intend to award a bonus to its current CEO Anthony Jenkins. How much he will be paid has not yet been decided.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801532790-ADNFCR

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