Banker pockets £19.5m a year

Helen Dunne|Mail13 April 2012

THE American-born boss of Barclays Capital, the investment banking arm of Barclays, was paid almost £17m last year, Financial Mail on Sunday has revealed.

But Bob Diamond, 53, was not even the bank's highest-paid employee. That honour was taken by corporate financier Roger Jenkins, who received almost £19.5m.

Jenkins, who joined the bank in 1994, works in a division called Structured Capital Markets, which specialises in tax-efficient products for clients.

Jenkins is believed to count many of the country's top companies among his clients and has also created tax-efficient structures for Barclays bank itself.

Colleague Ian Abrahams, who joined from City law firm Slaughter & May, is also believed to have been handsomely rewarded. 'I would guess his pay was not far off that of Bob or Roger,' said one insider.

It is believed that Jenkins has been the highest-paid employee at Barclays Capital for several years, thanks mainly to bonuses.

Diamond joned Barclays de Zoete Wedd, the predecessor to Barclays Capital, in 1996 on a two-year package then worth at least £5.

He became chief executive of Barclays Capital after its launch in 1997. Diamond has since built the investment bank into one of the most respected in the City.

Barclays Capital reported a 37% leap in first-half profits to £599m.

But Diamond, who lost out to Matt Barrett in the battle to become chief executive of Barclays, has declined to join the main bank's board.

Observers claim that his reluctance stems from his desire not to reveal his salary.

Jenkins is also not on the main board and is therefore not obliged to reveal the size of his pay packet.

A spokesman for Barclays Capital declined to comment.

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