UK bank Barclays has agreed a resignation package with outgoing chief executive Bob Diamond where he will continue to receive his salary, pension allowance and other benefits for up to 12 months but will forfeit a number of bonus awards and incentives, the bank said Tuesday.
(LONDON) — UK bank Barclays has agreed a resignation package with ex-chief executive Bob Diamond where he will forfeit up to 20 million pounds ($31 million) in bonuses and incentives but receive a year’s salary, pension and other benefits worth 2 million pounds. Diamond resigned last week after Barclays was fined $453 million by U.S.
Bank bosses face a grilling from parliamentarians on the banking standards commission this week as the industry braces for another reputational hit from the Libor-rigging scandal and amid further management upheaval at Barclays.
NO BONUS: U.K. bank Barclays has agreed a resignation package with ex-CEO Bob Diamond that calls for him to forfeit up to 20 million pounds ($31 million) in bonuses and incentives, but receive a year's salary, pension and other benefits worth 2 million pounds ($3.1 million).
The bonanza includes a £2.4m “golden goodbye”, nearly £11m in bonuses and a £15m pot of shares, which Jenkins amassed during a nine-year stint at the lender. He was elevated from heading Barclays’ retail bank in 2012 in the wake of the Libor rate-rigging scandal, reports The Times.