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Friday, July 06, 2012

#bankersarentus - Bob Diamond's Payoff

Those of you who are following the Barclays soap opera may be gemused to learn that Bob Diamond may have to put up a wee bit of a fight for his £20M-£30M payoff.

The Telegraph reports that the bank's board called a late meeting to review the terms of Bob Diamond's contract and decide the bank's legal position wrt Diamond's £18M of unvested share options and £4M-plus of benefits.

For good measure, Diamond is also due more than £2M in lieu of a year's salary and pension after being thrown out of Barclays by the "Governor's eyebrows".
Despite having earned more than £100M since 2005, Diamond does not appear to intend to forgo any part of his payoff.

Although Diamond had offered to give up his bonus this year, which he had yet to earn, in recognition for the "responsibility" he bore. However, he has not admitted any culpability.

Doubtless everyone in the real world wishes him well in his attempts to extract a payoff!

Feel free to tweet about this using hashtag #bankersarentus

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