Barclays COO who quit over Libor scandal gets £8.75m pay-off

Del Missier quit the bank just days after being promoted to the newly created COO position – where he was due to oversee all operations and IT activities – after his central role in a Libor scandal that saw the bank fined £290 million by UK and US regulators was exposed.

A 15-year Barclays veteran, in his former role del Missier told his staff to reduce the bank’s Libor submission during the October 2008 banking crisis. He told the Treasury select committee that this was on the orders of his old boss Bob Diamond after the latter had held talks with Bank of England deputy governor Paul Tucker.

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