British bank Barclays (NYSE:BCS) will pay its new chief executive, Bob Diamond, a bonus of 6.5 million pounds, or $10.6 million, for his 2010 service as its investment banking head.
Diamond, one of the highest paid bankers in Europe, could prove to be the best paid U.K. bank executive in 2010. The award will not include upfront cash, though it will consist of deferred shares and other Barclays-related financial instruments.
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Diamond took the company’s reins earlier this year after running its investment banking unit under a 250,000-pound salary. As chief executive, his base salary will increase to 1.35 million pounds in 2011.
The executive, and others in the U.K., have been scrutinized recently for their high salaries, and have been pressured to waive their bonuses.
Diamond waived his bonus for 2009 and 2008 but was paid 21 million pounds in 2007.