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Late Lunchtime Links: BarCap seems to have paid zero immediate cash bonuses to its most senior staff; pay consultant thinks banking pay will rise substantially in 2012

Black and blue.

Black and blue.

Barclays annual report is out today. Buried within, is an all important-table, reproduced below, showing how much it paid its eight highest earning staff.

Two of the people in this category earned £6.5m and £6.5m respectively for 2011. This was more than Bob Diamond, who earned £6.3m and received less than a third of his maximum entitlement. 

No one knows who the two highest earners are exactly, but an educated guess suggests Jerry del Missier and Rich Ricci who jointly run BarCap. If so, both men have had a more than 50% pay cut vs. 2011, when they got £14.2m and £14m respectively.

Assuming Jerry and Rich are the recipients, it’s also notable that neither man received a cash bonus for 2011 but that both received a disproportionately high amount of deferred cash in place of deferred shares. BarCap explains that its deferred cash vests of three years and that recipients get an extra 10% when the final installment is paid. Jerry and Rich would therefore do well, even if Barclays’ share price falls. The same cannot be said for Bob Diamond, who’s received a big salary and a lot of deferred shares.

Meanwhile:

This man thinks Wall Street compensation will increase very significantly in the next three years. (Businessweek)

Barclays says competition for staff has cooled and it’s less necessary to pay big bonuses to retain top bankers. (Wall Street Journal) 

Bob Diamond did not appear to get as much as Stuart Gulliver. (Bloomberg) 

Vikram Pandit got $14.9m last year, even though Citigroup stock fell 44%. (Bloomberg) 

Some of AIB’s redundancies will happen in London. (Irish Times) 

“I would go so far as to say that we have a financial services industry in London that plays in the Champions League, with overseas owners to match, and a British business finance system which struggles in the second division,” said Vince Cable. (Reuters)

ABN AMRO now owns its Dutch investment banking business – again. (Telegraph)

HSBC has found a new head of M&A in its existing ranks. (DealBook)

Brian Moynihan heckled by women showing cleavage whilst making his investor presentation yesterday. (Dealbreaker) 

Santander gave £50 prizes to students who ‘liked’ its Facebook page. (Financial Times)

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  1. Cityhag declines to comment on the grounds that it is so boring.

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