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Banking, finance, and taxes

Barclays CEO Gives Up $31 Million on His Way Out the Door

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By Paul Ausick Published

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The now-former CEO of Barclays plc (NYSE: BCS), Robert Diamond, has given up his claim on $31 million in stock bonuses after being forced to resign following the scandal over the bank’s fiddling with its reporting of interest rates to the Libor survey. The bank paid fines totaling $450 million for its manipulations.

Diamond did not walk away totally empty-handed though. He will receive about $3.1 million in severance and pension benefits. Barclays’ chairman said that Diamond had “voluntarily” given up the stock-based incentives, a gesture “welcomed” by the bank’s board of directors.

Germany’s Deutsche Bank AG (NYSE: DG) is the subject of an inquiry by that country’s financial regulator, and in the US, The New York Times notes that several banks, including Citigroup Inc. (NYSE: C) and JPMorgan Chase & Co. (NYSE: JPM) are also being scrutinized.

In pre-market trading this morning, Barclays’ shares are up 2% at $10.44 in a 52-week range of $8.38-$16.41.

Paul Ausick

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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