You are here: Home - Investing -

Diamond facing battle with Barclays to keep £25m pay-off

0
Written by:
06/07/2012
Former chief executive Bob Diamond is facing a battle to keep his £25m pay-off from Barclays after it emerged the bank's board is looking into its legal position on his entitlements.
Diamond facing battle with Barclays to keep £25m pay-off

The board called a late meeting last night to discuss its position in regard to Diamond’s £18m of unvested share options and £4m-plus of benefits, the Telegraph reports.

He is also due more than £2m in lieu of a year’s salary and pension following his departure earlier this week.

Legal arguments could centre on the reputational damage the LIBOR scandal has done to the bank, whose shares have fallen 15% since it broke.

A source close to the board told the paper:

“Barclays needs to establish where it stands legally with regards to Bob’s contract and entitlements.

“The bank is fully aware of the high emotions around this and the need for there not to be any false moves.”

Meanwhile, the resignation of three senior executives at Barclays this week has led to Moody’s and Standard & Poor’s putting the bank’s credit rating on review for a downgrade.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2189815-pensioner
Women must act now for full state pension

Prudential has called for women over the age of 55 to check whether they will receive the full State Pension.

Close