27 million quid a year for Barclays boss, one would think he would resolve some of the customer complaints for that amount of dosh.
**A bank staffed by Mark Benton wannabe's but without the inteligence, the humour or even the looks of that comedian.
Barclays lifted the lid on the wealth of board director Bob Diamond today by revealing he took home more than £27m last year and sits on shares in the ambitious high street bank worth £65m.
In addition, the American banker is in line for a further £14.8m this year if a three-year performance pay plan achieves its goal.
One can only wonder at that sort of money, such a shame that they so brazenly lie and mislead customers over their products and services. Thats the words of the BBC who exposed Barclays Bank.
He could also be awarded shares worth £13m if the bank reaches its performance targets.
Best be flogging lots of dodgy policys, after all whats a few upset customers compared to 13 million notes in the arse pocket.
The figures revealed in Barclays' annual report and stock exchange filings are for the first full year that the ardent Chelsea fan and keen sportsman has served on the bank's board.
Although a long-standing employee, Mr Diamond only joined the board half-way through 2005 after pressure from shareholders.
Oh getting off topic have a mentioned that Barclays is helping to oppress the poor people of Zimbabwe? Well according to the Guardian: Wonder if this helps to pay Bob's bonus?
Three British firms provide key finance, allowing the Zimbabwe leader to defy world condemnation
Barclays bank is helping to bankroll President Robert Mugabe's regime in Zimbabwe, providing millions of pounds of support for his vilified land reforms, The Observer can reveal. Mugabe's opponents describe the bank's activities as a 'disgrace' and an 'insult' to the millions who have suffered human rights abuses.
Barclays is the most high-profile of three British-based financial institutions, which, in total, have provided more than $1bn in direct and indirect funding to Mugabe's administration. The other two companies are Standard Chartered Bank and the insurance firm Old Mutual. According to influential newsletter Africa Confidential, that first disclosed the Barclays' loans, the British organisations provide an economic lifeline keeping Mugabe's regime afloat.
A spokesman for Zimbabwe's main opposition party, the Movement for Democratic Change, likened the bank's actions to its support of South Africa's apartheid regime and urged a boycott.
Anyway back to Bob making millions off the poor suffering Barclays customers, oh and the repressed people of Zimbabwe...
Now involved in the complex negotiations to take control of Dutch bank ABN Amro, Mr Diamond has the title of president and oversees the bank's investment banking arm Barclays Capital, its fund management arm Barclays Global Investors and its private bank Barclays Wealth.
Before he joined the board, there was no certainty about how much he earned.
But now he is on the board, his pay deal sheds light on how some top investment bankers and fund managers are paid.
His basic salary is £250,000 - the lowest of any board director of Barclays - but his salary rises on "performance related pay". His cash bonus is £10.7m, considerably higher than other board directors and possibly any other director of a FTSE 100 company.
His package is further boosted by a share bonus of £4.5m, revealed in the annual report, and an award of more than 900,000 shares announced to the stock market today which are valued at £6.8m which takes his pay deal to £22m.
Not bad going that, puts my pay into the shade thats for sure.
In addition, the annual report shows that he made gains on a share option scheme based on the performance of the fund management arm, whose share price is not public, of £5.7m, boosting his package to some £27.95m.
The complexity of his pay deal means that he could be awarded another 2m shares, worth some £13m at the value used by the bank of £7.33, if the bank outperforms all its peers.
Indeed, the 900,000 shares he was awarded yesterday will only pay out if the bank is in the top six of its peer group.
Financial workers' union Amicus questioned whether Mr Diamond was worth the money.
Keith Brookes, Barclays national secretary for Amicus said: "Bob Diamond has been one of the highest paid individuals at Barclays for some time now. It's a phenomenal amount of money that they pay him and I don't think that it's warranted."
Well said Keith, one has to wonder on the logic of that sort of pay when you consider on the poor level of customer service provided by this bank.
The bank said the pay was based on the "strong performance" of the divisions he runs.
Lets see some of the strong performance that Barclays produces: "They'd phone up, start crying and blaming you and telling you their kids are going to starve. And I'd be like, 'I don't know you - I don't care'. I was just thinking 'you're not getting it back'. I was a right git."
and...
"You have to lie a lot," if you want to get into the call for long enough to start selling.
and...
"I hate it when they say the customer is always right. It's just ridiculous. Someone was stoned when they made up that policy."
and...
And as the manager explained it often happens that staff, under pressure to sell, simply give the customer an Additions account without telling them and many may not notice the extra charge on their account for months.
The bank's annual report showed that chief executive John Varley, who is staking his reputation on clinching a record-breaking takeover of ABN Amro, received pay and bonus of £2.5m and sits on shares worth £9.6m.
Frits Seegers, the Dutch banker brought in during the year to run the retail and commercial banks, received £5.5m, largely as the result of £3.4m to pay him out of deals at his previous employer Citigroup.
David Roberts, who left at the end of 2006, received £2m and made options gains of more than £700,000. He could receive £1.3m this year unless he finds another job.
Barclays published its annual report as one of the most supportive analysts of the bank questioned whether the deal with ABN Amro made sense.
John-Paul Crutchley, analyst at Merrill Lynch, doubted the bid could be brought to a "successful conclusion".
Barclays shares fell 16.5p at 741.5p.
Maybe they shall have to up some charges on the poor customers to recoup some of the share price money?
The London-hedge fund the Children's Investment Fund (TCI), which has been pushing for change at ABN Amro, threatened to scupper the deal, raising the prospect of legal action if ABN Amro did not consider any other takeover offers.
Mind you back to the BBC report that defined Barclays core value of customer service: I saw colleagues petulantly raise two fingers after they had come off the phone to a customer who refused to buy a service they had offered and they referred to them as "t****" and "idiots".
Link to BBC News: http://news.bbc.co.uk/1/hi/business/6476155.stm
Link to Wistleblower site: http://www.bbc.co.uk/consumer/tv_and_radio/whistleblower/
Ye olde links to previous bits: Previous bits on Barclay's and some tags:
http://newportcity.blogspot.com/2007/02/banks-bloody-parasites.html
also
http://newportcity.blogspot.com/2007/02/banks-make-change-its-worth-it.html
also
http://newportcity.blogspot.com/2007/02/cry-freedom-escape-from-barclays-bank.html
also:
http://newportcity.blogspot.com/2007/02/barclays-bank-still-cunts-even-now-i.html
check out this site. http://www.chargeclaims.co.uk/
http://newportcity.blogspot.com/2007/02/cry-freedom-escape-from-barclays-bank.html
http://www.blagger.com/db4/company_id/130/companyname/Barclays.html
http://www.litsl.com/miscellaneous/poor_customer_service/barclays_bank_barc_the_woolwich.html
http://www.ciao.co.uk/Barclays_Bank__Review_5133047
http://www.teneric.co.uk/forums/finance-forum/business-banking-complaints-4719.html
http://www.grumbletext.co.uk/vt.php?t=108
http://www.barclaystory.com/
Tags: Barclays Bank
Banking
Finance
BBC Whistleblower
Amanda Egbujo
Bob Diamond
Bank Charges
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