Pay and pension rise for Barclays' Varley

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Chief executive John Varley, who has battled to avoid taking Government money to prop up the bank which remained profitable last year, saw his basic pay rise by 10% -£100,000 - to £1.07 million.

Varley also received a £2.86 million top-up of his pension pot, making it £12.3 million. That takes the 52-year-old chief executive's annual pension up to £572,000 a year.

Bob Diamond, head of investment bank arm Barclays Capital, saw his pay packet slashed by 99%. It fell from £21.1 million to just his basic pay of £250,000.

None of the four executive directors will get an increase in their basic pay in 2009.

Credit Suisse, the investment bank which is cutting more than 11,000 jobs worldwide, today revealed that it paid out golden hellos totalling Swfr42.56 (£25.8 million) to poach executive directors from rival banks last year.