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Has Bob Diamond Taken An Inflation Busing Wage Increase?

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Barclays' investors given annual meeting 'amber alert' over new CEO's 20% rise compared with his predecessor

Bob Diamond is braced for a row over his potential £27m pay deal this week as he is confronted by shareholders for the first time since being promoted to chief executive of Barclays in January.

A trading update before the annual meeting on Wednesday will also be scrutinised for progress on extricating the bank from Protium, a complex Cayman Islands-based deal to help Barclays avoid being dragged down by its most toxic loans.

In February the bank stunned observers by taking a £532m hit on Protium and analysts at Investec believe it "may be a source of impairment charges".

Diamond, who took the helm after 14 years running the investment banking arm, Barclays Capital, has concluded 35% of the bank's operations are failing to achieve his target for a 13% return on equity in 2013. He is already pulling the plug on Indonesia, retail banking in Russia and uniting the bank's African business under a "One Africa" banner.

Just imagine how Mystic Merv would react if this pay deal was for the workers, luckily its just for the boss so everything is OK.

I'd like to know how the rank and file in Barclays will take the news when it comes to their own wages increases.

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The banksters are lawless and know no shame.

There is no political will to stob the robberies but it will come back to haunt us as the loss of integrity in our financial system is setting a dangerous course when we rely so heavily on "finnacial services" to keep going.

The banksters are simply making hay while the sun is still shining and there is dosh in the till.

Edited by Realistbear
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