Bob Diamond’s Barclays salary revealed

Following Bob Diamond’s departure as chief executive of Barclays, it has been revealed that he will receive a £2m payout made up of his salary, pension and benefits. Whilst his salary is reportedly £1.35m, Bob Diamond has voluntarily declined to accept his bonus which is up to a whopping £20m.

Below is a breakdown of Bob Diamond’s salary run through SalaryBot:

Year Month Week Day Hour
Gross income £1,350,000.00 £112,500.00 £25,961.54 £5,192.31 £692.31
Personal allowance £0.00 £0.00 £0.00 £0.00 £0.00
Taxable income £1,350,000.00 £112,500.00 £25,961.54 £5,192.31 £692.31
Income tax
Tax £653,126.00 £54,427.17 £12,560.12 £2,512.02 £334.94
National Insurance £30,337.36 £2,528.11 £583.41 £116.68 £15.56
Net income £666,536.64 £55,544.72 £12,818.01 £2,563.60 £341.81

With the public spotlight recently being shone on the murky world of tax avoidance, it would be interesting to find out how much tax Bob Diamond is actually paying on his £1.35m salary. Will it be anywhere near the £653k of income tax due on a salary of that magnitude?

When Bob Diamond followed in the footsteps of banker Stephen Hester and waived his bonus – did this serve as an admission of guilt? How many more scandals can we expect to see in the banking sector, and yet continue to see reward for failure?