News Summary: Ex-Barclays CEO forfeits $31M bonus

AP News
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Posted: Jul 10, 2012 3:27 PM
News Summary: Ex-Barclays CEO forfeits $31M bonus

NO BONUS: U.K. bank Barclays has agreed a resignation package with ex-CEO Bob Diamond that calls for him to forfeit up to 20 million pounds ($31 million) in bonuses and incentives, but receive a year's salary, pension and other benefits worth 2 million pounds ($3.1 million).

SCANDAL: Diamond resigned last week after Barclays was fined $453 million by U.S. and U.K. regulators for making false reports of its borrowing costs between 2005 and 2009.

HIGH PAY: Diamond's lavish compensation has long been a sore point with Barclays' critics. Last year, he received 6.3 million pounds ($9.7 million), including 2.2 million pounds ($3.4 million) in deferred incentives, and also received 5.7 million pounds ($8.8 million) for tax equalization.