Barclays boss to get $4.7 million bonus

Barclays chief executive Bob Diamond is to receive a bonus of up to £3 million ($4.7 million) for his work in 2011, reports said on Sunday. Britain’s Sunday Times newspaper said the head of the British bank could expect a bonus of £2 million, while the on Sunday Telegraph said the figure would likely be between £2.5 million and £3 million. “On top of that, he received a salary of £1.35 million and could be given long-term incentives worth as much as £6.75 million which will vest in three years,” the Telegraph said. The exact amount will not be known until the second half of March, when Barclays publishes its remuneration report as part of its annual report. The bank, which announces its annual results on Friday, will record a profit before tax of £6 billion ($9.5 billion, 7.2 billion euros), the newspaper said, citing analysts. The results would be close to those of 2010, when the bank made pre-tax profits of £6.06 billion and net profits of £3.56 billion. A hefty bonus for Diamond, who is American, could provoke uproar amid a new high in ‘banker bashing’ in Britain.