Barclays' Bob Diamond defends
Tuesday, 08 December 2009 20:27
Written by Tom J. Winston
Bob Diamond, one of the highest profile investment bankers in the City, today defended the bonus culture and hit out at government plans to impose a windfall tax on the annual payments. Diamond, president of Barclays and the head of its investment banking arm Barclays Capital, said that a tax on bonuses went against the principles agreed by the G20 to spread out bonus payments over three years and pay larger portions in shares.
At a conference organised by the Wall Street Journal, Diamond said: "In terms of compensation it's great politics and it's great media. "We don't feel that is supported by the principles that were adopted." Bankers are warning that if the UK imposes a tax on bonuses when other major financial centres, such as New York, do not then the biggest stars might relocate from the City.
Diamond, an American with British citizenship, has himself moved back to the US, after a decade working in the City, to oversee the expansion of Barclays Capital following the acquisition of the Wall Street operations of Lehman Brothers last year. "I support strongly New York and London as financial centres and we all have an interest in keeping them both strong," Diamond said. "Both financial capital and human capital are extremely mobile," he added.
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