Lord Mandelson attacks Barclays Capital president for pocketing huge pay package

Britain's Business Secretary Peter Mandelson has criticized Bob Diamond, the president of Barclays Capital, for pocketing as much as £63 million in pay & perks.

Lord Mandelson branded Bob Diamond as the ‘unacceptable face’ of banking. He said Bob Diamond made the money by just “deal-making and shuffling paper around”.

Fifty-eight-year-old Bob Diamond, who holds the second highest position at Barclays, last year earned more than £20 million from the sale of his stake in the group’s fund management unit.

But, Barclays has denied £63 million figure. It said Mr. Diamond had a basic salary of £250,000 and dismissed reports of £63 million pay as totality imaginary.   

Last month, the bank revealed that Mr. Diamond would receive additional £6 million in case the bank achieves certain targets over the coming three years.

Commenting on the issue, former paymaster general Geoffrey Robinson said, "I think we would all make an appeal to them to have a proper respect for public opinion.”

Political parties are hardening their stance towards bankers’ remunerations following the recent global financial slump.