Ex-Barclays chief Bob Diamond forfeits $31m

Bob Diamond OK’s package.
Bob Diamond OK’s package.

LONDON — Barclays has agreed 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 $3.8 million.

Diamond, who was born and raised in Concord, Mass., resigned last week after Barclays was fined $453 million by US and UK 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, that he would not receive any future bonus or incentive awards or compensation for the termination of his employment.


The bank’s outgoing chairman, Marcus Agius, in his testimony to the House of Commons Treasury Committee, said Diamond had waived a potential $31 million in bonuses and share awards.

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Agius added that as part of the resignation deal, Diamond will receive 12 months’ salary and pension contributions worth $3.8 million.

‘‘It is my hope that my decision to step down and today’s agreement on my remuneration will help close this chapter and allow Barclays to move forward and prosper,’’ Diamond said, according to the bank’s announcement.

The agreement is ‘‘something that the board of Barclays welcomes and I am glad that he has done it,’’ Agius told the committee.