News24

Ex-Barclays boss set for $3m payout

2013-03-08 17:25

London - Former Barclays chief executive Bob Diamond is set to be paid about £2m ($3m) in July, a year after he left the bank following its Libor interest rate rigging scandal.

Diamond is entitled to a year's salary, pension and benefits, which will be paid in a lump sum on July 3, Barclays' annual report released on Friday showed.

Benefits include the use of a company car and chauffeur, private medical insurance, life insurance cover, accommodation while in Britain and tax advice.

They are the same benefits as he received while CEO, and Barclays estimated they will amount to £400 000. His salary was £1.35m and he received pension payments of £343 000.

A spokesperson for Diamond declined to comment.

Diamond quit last July and waived £20m of unvested bonuses when he left.

The annual report showed he was paid £1.3m for 2012, including a tax equalisation award of £602 000, to avoid double taxation. He took home about £17m in 2011, and earned at least £120m since he joined the board in 2005, according to Manifest, a corporate governance group.

Diamond, who built up Barclays investment bank and was promoted to CEO at the start of 2011, enjoyed high pay packages which were routinely slammed by politicians and the UK media.

Days after leaving following the bank's $450m fine for rigging Libor, he was accused of misleading a parliamentary inquiry into the scandal. Diamond said that criticism was "unfair and unfounded".


Comments
  • Alan Street - 2013-03-08 19:09

    Typical of the Diamond clan! Will take the food off a beggar's plate!

  • arthur.salvado - 2013-03-09 06:47

    It's the (new )old world still at work. It's totally unacceptable. It has to change

  • Abner M. Mophethe - 2013-03-09 06:48

    he can buy himself a moerse farm in cape town and live la vida loca

      Leslie Erasmus - 2013-03-10 11:57

      Sigh,i'm jealous

  • Jacobus Jc Van Schalkwyk - 2013-03-09 07:04

    How can one justify such a salary while at the same time retrenching so many employees at Absa in South Africa. Is this now the new colonialist way to counter degradation of wealth during the world economic crises?

  • Jacques - 2013-03-09 16:50

    Then you get these SA expat types who slam SA while living in London, saying how wonderful it is to live in a 'functional society'. Lassit. London kicks SA's ass any day, sure, but I'm staying here for the time being. Rather the devil you know.

  • Zahir - 2013-03-09 17:51

    He got paid too many millions for that job

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