Barclays revises Diamond's bonus after shareholder fury

Barclays has bowed to pressure from shareholders ahead of its AGM by putting a new clause into boss Bob Diamond's bonus package which could cut his payout in half.

In a statement released today, Barclays said chief executive Diamond and group finance director Chris Lucas have agreed that half of their deferred bonus will not be paid to them until returns on equity at the business exceed cost of capital. Barclays said: "One-half (50%) of their deferred bonus award that may vest in each year will not pay out until Barclays return on equity exceeds its cost of equity and, if that condition is not met, the potential payout caught by it will be subject to lapse if it is not met within three years from the date of the award." The change, done ahead of...