Barclays has confirmed that US banker Bob Diamond will become the firm's chief executive next year. Mr Diamond will take over from current boss John Varley in March 2011, who has been a huge success following his development of the company's investment banking unit. His appointment is likely to be unpopular with many as Mr Diamond was widely criticised for embodying the excessive banker bonus culture which led to the financial crisis. He allegedly received a £63 million reward package this year, while he made £26 million for selling his shares in Barclays Global Investors. Paul Kenny, general secretary of the GMB union, claimed the move was an insult to the millions of workers who are facing pay cuts and job losses. He said: "A person who poured petrol on the flames of the fires in the financial system has been rewarded rather than been punished for what he did. "Meanwhile GMB members are enduring pay freezes and face job cuts to make good the damage Diamond caused." Posted by Charles Baker Charles is a reputed financial analyst with almost decades of experience under his belt
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