Mar. 20, 2010 (United Press International) -- The president of British-based Barclays (NYSE:BCS) Capital has been awarded a pay package worth as much as $90 million, officials said.
Bob Diamond's package is based on a $580,000 annual salary, but through a combination of stock incentives and bonuses he could earn more than 150 times that amount, The Daily Telegraph reported Saturday.
Diamond earned $40 million last year through selling his shares in Barclay's Global Investors, said Barclays annual report, released Friday.
Diamond, 58, also received $9 million in Barclays shares last year, with the possibility of earning an additional $18 million during the next two years if performance targets are reached.
Diamond also made more than $22 million recently from bonuses he was awarded in 2005 under a long-term incentive plan, the annual report said.
Lindsay Hoyle, a Labor member in parliament, said the enormous pay package showed compensation for some bankers had exceeded decency.
"The country as a whole will be disgusted," Hoyle said.
