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Bob Diamond to be new Barclays chief | Bob Diamond to be new Barclays chief |
(about 1 hour later) | |
One of the world's highest paid bankers, Bob Diamond, is to become chief executive of Barclays bank. | |
The American, who has made about £100m as head of the bank's investment wing Barclays Capital, will replace the current chief executive John Varley next year. | |
Mr Varley was credited with steering Barclays through the financial crisis. | |
Meanwhile HSBC chairman Stephen Green is also moving on to become a government trade minister. | |
BBC business editor Robert Peston said Mr Green's appointment by the coalition government "will doubtless be heralded as a coup by the prime minister" even though the record of business people in government has been "patchy". | |
Meanwhile Bob Diamond's appointment as Barclays' new boss will reinforce a view that Barclays sees its future as a global investment bank, he said. | |
Marcus Agius, Barclays chairman, called Mr Diamond "superbly qualified", with "a proven track record as a business leader". | |
"I am honoured by the board's confidence in me and greatly motivated by the challenge of leading Barclays during the critical period ahead," Mr Diamond said. | |
"As a leading global universal bank, Barclays has the right model, the right strategy and above all the right people to deliver for all our stakeholders." | |
His promotion means that Mr Diamond can expect to earn up to £12.825m a year. | |
His base salary will be £1.35m, Barclays said, with the rest awarded in bonuses. | |