The Massachusetts-born boss - who has waived bonuses in each of the last two years - will meet with MPs today (January 10th 2011) to discuss the bank's plans to award him Â£8 million ($12.4 million) following his recent promotion.
Although Mr Diamond could have expected to receive twice as much if he had stayed in his role at the firm's investment arm Barclays Capital, prime minister David Cameron again questioned the wisdom of large payouts this weekend.
"What I want to see is socially responsible banks behaving responsibly, lower bonus pools than last year's, responsible levels of remuneration and proper agreements on [business] lending," the Conservative leader told the BBC's Andrew Marr Show.
Mr Cameron's comments came after a Daily Telegraph report claimed HSBC had opted to delay its bonus-related payments after pressure from industry watchdog the Financial Services Authority.
By Claire Archer