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Barclays chief earns £6.5 million bonus

LONDON, Mar 7, – Barclays chief executive Bob Diamond has received a smaller-than-expected bonus of £6.5 million (7.6 million euros, $10.6 million) for 2010, the British bank announced on Monday.

Reports said Diamond had been set to receive about £9.5 million.

Diamond\’s bonus is for his work as head of Barclays\’ investment arm, Barclays Capital. The US citizen became chief executive of the bank only in January. Diamond\’s basic salary for last year was £250,000.

Amid public anger over bankers\’ high pay and a fragile economic recovery in Britain, the coalition government last month struck a deal with all of the country\’s major lenders on bonus pay and overall lending.

Finance minister George Osborne said total bonuses paid to British-based staff of the biggest banks would be lower than last year as part of Project Merlin, brokered after weeks of talks with the Conservative-led coalition.

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