The current head of the investment arm of Barclays bank, Bob Diamond, is to be become the chief executive of the whole firm, earning a whopping annual salary of £1.35 million.
However, bonus payments and other long term incentives could top up his yearly income to £11.5 million a year.
The American banker will replace John Varley next year but experts are warning that his salary figure could lead to controversy.
Robert Peston, BBC business editor, said: "At a time when the economy remains weak, this package is likely to spark widespread criticism".
Nevertheless, Mr Peston agreed with the choice to appoint Mr Diamond ...