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.