LONDON — U.K. bank Barclays has agreed to a resignation package with ex-chief executive Bob Diamond in which he will forfeit up to $31 million in bonuses and incentives but receive a year’s salary, pension and other benefits worth $4 million.
Diamond resigned last week after Barclays was fined $453 million by U.S. and U.K. agencies for making false reports of its borrowing costs between 2005 and 2009. Barclays said Tuesday that Diamond had agreed that all of his unvested deferred bonus awards and long-term incentives would lapse and that he would not receive any future bonuses or incentives, or compensation for the termination of his employment.
Diamond also denied he misled Parliament on relations with regulators and said he’d be willing to discuss the matter again.
Diamond was accused Tuesday during a hearing of Parliament’s Treasury Committee of misleading U.K. lawmakers after a letter from the Financial Services Authority emerged. The letter contradicted his July 4 testimony that regulators were “happy” with the bank, and chairman Marcus Agius told the panel Tuesday that the bank’s interactions with the FSA were “strained.” Denver Post news services
