MPs Set To Grill New Barclays Boss Over £8m Bonus



Bob Diamond, Barclays’ controversial new chief executive, will be quizzed by MPs at a meeting tomorrow. It will be his first public meeting since taking the top job.

The meeting will be with The Treasury select committee, who want to find out if consumers are getting a raw deal from the banks.

However, with a growing buzz over bonuses it is expected that Diamond will also be quizzed on his estimated £8m bonus.

MPs are expected to be asking him if it is really necessary for him and his colleagues to be receiving multimillion-pound packages this year.

‘Bonuses should be targeted to reward success and not be handed out with the rations,’ says Andrew Tyrie, a conservative MP who chairs the committee.

It is thought that many other MPs will not be so restrained in their comments and question, especially as the Barclays boss has been so defensive over bonuses and criticism in the past.

Despite giving up his bonus for 2009, American Bob Diamond has earned an estimated £75m at Barclays over the last five years.

It is thought that in tomorrows meeting, Diamond will seek to defend the bank’s record on lending to small and medium sized businesses.

Diamond’s main goal will be to reassure the Treasury select committee that Barclays is playing its part in keeping the economy afloat.

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