Barclays exec pay drops 99 pct as banks scrap bonuses

LONDON, (Reuters) – Barclays’ investment bank chief  Bob Diamond saw his pay slump 99 percent to 250,000 pounds  ($366,500) last year from over 21 million in 2007 as rewards for  executives at three of Europe’s top banks more than halved.

Diamond has been one of the top earners in European banking  but was one of the biggest losers in terms of his take-home pay  as the industry slashed executive pay in one of banking’s worst  years since World War II.

Annual reports from Credit Suisse, Deutsche Bank and  Barclays published on Tuesday showed they paid their executive  board members $108.5 million last year, down 54 percent from  2007.

Most was paid by Credit Suisse, whose executive board  received 106.7 million Swiss francs ($95 million), down from  162.1 million in 2007.

Kai Nargolwala, Credit Suisse’s head of Asia Pacific, was  paid 20.8 million francs under the terms of his contract after  he was poached from Standard Chartered in 2007.

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