Bob Diamond, it seems, still thinks this isn't a time for remorse. After Citigroup shareholders voted down chief executive Vikram Pandit's pay package, it was obvious that Diamond would have to make some gesture to appease Barclays shareholders angry at his £2.7m 2011 bonus.

But the prospect of actually agreeing to reduce the size of the payout was clearly too much for Diamond. Instead, he and chief financial officer Chris Lucas have agreed to a new condition where half of their 2011 bonus will pay out only if and when the company delivers a return in excess of its cost of capital.