City still hasn't grasped the nettle

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However, we know his most senior Barclays colleagues had their bonuses cut by almost half and it seems plausible that the man once described as "the unacceptable face of banking" has taken a similar haircut, reducing his payment to around £1 million.

But perhaps we should not get too fixated on an element of his remuneration that will soon fall into the "more trouble than it's worth" category.

Mr Diamond has options on 13 million Barclays shares as part of an "incentive" scheme and owns 12 million outright, earning him a dividend of about £762,000 last year. All that on top of his base salary of £1.35 million "for turning up".

Nobody denies that Barclays is a hugely important business for UK plc or that Mr Diamond is a skilled financier who has done a good job turning Barclays Capital into a world class investment bank "made in Britain".

But until the City grasps the nettle and rethinks the way it rewards top executives these achievements will be overshadowed by a furore that is simply not going to go away.