Showing posts with label Bob Diamond. Show all posts
Showing posts with label Bob Diamond. Show all posts

Wednesday 11 July 2012

Bob Diamond Loses Bonuses Worth USD30 Million

The former chief executive of Barclays, Bob Diamond has given up his bonuses worth 20 million pounds ($30 million) over an interest rate-rigging scandal. He resigned last week a day after the chairman Marcus Agius resigned over the scandal.

The chairman of Barclays (NYSE: BCS) told a parliamentary inquiry on Tuesday that the former chief executive, Bob Diamond, has lost bonuses worth 20 million pounds ($30 million) over an interest rate-rigging scandal.

Marcus Agius, who was heading the bank when traders indulged in manipulating a global benchmark interest rate was deposing before a hostile panel of lawmakers, who are conducting an investigation into the scandal that has led to widespread public indignation and which may affect a dozen more global banks.

When the scandal was revealed last week, Agius was the first executive to resign and he was followed by Diamond the very next day. Agius is staying on to find a successor to Diamond. Agius told the panel that Diamond had voluntarily decided to forgo any deferred consideration and deferred bonuses which he would have been entitled to otherwise.