One week after announcing that CEO Bob Diamond stepped down in the wake of a rates manipulation scandal, ""Barclays"":http://group.barclays.com/home announced Tuesday that the bank reached an agreement with Diamond regarding the terms of his resignation.[IMAGE]
According to a release from Barclays, Diamond voluntarily offered to waive all of his deferred bonus awards and long-term incentive share awards. He had also previously agreed to forgo his yearly bonus.[COLUMN_BREAK]
According to testimony from outgoing chairman Marcus Agius to the House of Commons Treasury Committee, Diamond has agreed to waive Ã‚Â£20 million ($31 million) in bonuses and awards.
The release noted that consistent with his employment contract, Diamond will still receive up to a year's salary, pension allowance, and other benefits. He and the bank's board agreed that going into the future, he will receive no future bonuses or compensation in connection with his resignation.
Agius and Diamond both stepped down (along with COO Jerry del Missier) following a settlement with Barclays over the bank's involvement in a rate manipulation scandal. It was found that several Barclays agents had rigged the London Interbank Offered Rate (LIBOR), an act for which Barclays was fined hundreds of millions by U.S. and British authorities.
""The wrongful actions of a relative few should not detract from the outstanding work that Barclays employees carry out each day on behalf of clients and customers around the world,"" said Diamond. ""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.""