Bob Diamond misses out on £20m bonuses

FORMER Barclays boss Bob Diamond yesterday agreed to turn down payments worth around £20m following his resignation from the firm.

But the bank’s ex-chief executive will still receive a year’s salary and a cash payment in lieu of pension contributions, worth around £2m in all.

“Bob Diamond has voluntarily decided to forgo any deferred consideration and deferred bonuses to which he otherwise would have been entitled to,” Barclays chairman Marcus Agius told the Treasury select committee yesterday.

Diamond later issued a statement on the settlement: “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.”

But this will not be the end of the road for Diamond, who could find himself recalled to the Treasury select committee following yesterday’s evidence from Barclays chairman Marcus Agius.

John Mann MP told City A.M. that at least four members of the committee want to pose further questions to the former Barclays boss after apparent inconsistencies appeared in his account of events.

“Agius directly contradicted Diamond on at least six occasions. I have no reason to doubt the accuracy of Agius’ answers, therefore I think we need to be calling Diamond back,” Mann said.

“Diamond has serially misled Parliament,” he added, a comment which the banker called “unfair and unfounded”. Mann also said that he expects the scandal to move onto RBS – “which may well be more serious” – when FSA chair Lord Turner appears before the treasury select committee on Monday.