Senior executives of Barclays, the second largest bank of England, will give up part of his fortune to ease the public anger. Robert E. Diamond Jr., the former chief executive of Barclays, will forgo deferred stock bonuses of up to $31 million, as the British bank looks to quell public anger over an interest rate-rigging scandal.
The bank’s chairman, Marcus Agius, told a British parliamentary committee on Tuesday that Mr. Diamond would still receive up to one year in salary and a cash payment worth a combined $3.1 million. Mr. Diamond, who resigned last week as Barclays battled public fury over its illegal actions, will “support the transition to the new chief executive as necessary,” the bank said on Monday. Mr. Diamond had already agreed to forfeit his annual cash bonus.
“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,” Mr. Diamond said in the statement.