Former Barclays boss waives £20 million in bonuses

FORMER Barclays boss Bob Diamond has waived a potential £20 million in bonuses and share awards, but will still walk away with up to £2m.

Barclays chairman Marcus Agius told MPs that Mr Diamond had decided to voluntarily forgo the entitlements after he quit as chief executive last week in the wake of the rate-rigging scandal.

Mr Diamond, whose severance package amounts to a year’s salary and pension contribution, said he hoped the agreement “will help close this chapter and allow Barclays to move forward and prosper” after the bank was fined £290m for attempting to fix the interbank borrowing rate Libor.

Mr Agius said the board “welcomed” the move by Mr Diamond to forgo his long-term bonus incentives.

Today’s announcement follows what are said to have been intense negotiations over Mr Diamond’s leaving deal.

It is thought Barclays remains in talks with Mr Diamond’s right-hand man, chief operating officer Jerry del Missier, over his pay-off.