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