Diamond is entitled to an annual cash-and-share pay-out of as much as 250% of his wage. He could also receive a share-based award equivalent to five times his base pay. The actual bonus figure will be released next month in Barclays' annual report.
The news comes in the wake of Lloyds chief Antonio Horta Osorio's decision to reject his bonus last week. The newly-returned chief executive turned down his £2.4m pay-out, claiming that it wasn't fair on the British public, who were feeling the impact of austerity cuts. He also said, 'I believe my bonus entitlement should reflect the performance of the group,' echoing the Prime Minister's calls for an end to inflated bonuses.
Barclays has seen profits take a tumble over the past year. The first six months of 2011 saw a 33% drop in earnings, while the second half saw only a very small 5% profit increase on the same period last year. However. it seems highly unlikely that the millionaire banking boss will follow Antonio's suit. Given Diamond's famous statement last year that the time for 'remorse and apology' from bankers was over, he'll spurn the moral high ground in favour of a Diamond January.