British bank Barclays is afraid that it might miss its profit target as the previous quarter’s results were not as good as they were expected to be. Since the past three year, the bank had been performing poorly. The global financial crisis has hit the working of the bank severely.

Bob Diamond of Barclays joined the ranks of UK bank chiefs in the last week, and murmured softly that if curbs on bonuses got too fierce, bankers would flee the country. Thus he antagonized the public more.

The new head of Barclays, Bob Diamond will face a flurry of questions by British politicians regarding the big payout that he is going to withdraw this year. Apparently, the millionaire banker will be withdrawing a total salary of more than £9-million for the year, which will be inclusive of his yearly £1.35-million payout.

It is official, and with the announcement made by Barclays PLC all doubts surrounding a new successor as the CEO of the bank has been clarified. According to the latest announcement, Barclays very own Mr. Bob Diamond will taking over the challenge of heading the bank as the CEO, while Mr. John Varley will be stepping down from his post.

Bob Diamond, in his initial interview since being designated as the new Barclays chief executive, discusses regarding the casino banks, enormous pay packages and his upcoming plans.

As per the reports the current chief executive of Barclays, John Varley is to be replaced by Bob Diamond at the time of the annual meeting of the company which is set to be held in next April.

Officials have said that the president of British-based Barclays Capital has been awarded a pay package worth as much as $90 million.

The Daily Telegraph reported on Saturday that Bob Diamond's package is based on a $580,000 annual salary, but through a combination of stock incentives and bonuses he could earn more than 150 times that amount.

According to unnamed sources, the banking group Barclays is negotiating with the US money manager BlackRock about a prospective sales deal of its Barclays Global Investors (BGI) unit. Earlier reports mentioned Barclays being close to agreeing on a $12-billion sale of BGI to the Larry Fink-led BlackRock.