20 April 2014

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

26 July 2012  |  4791 views  |  0 Barclays branch sign

Jerry del Missier, the Barclays chief operating officer who was forced to resign earlier this month over the Libor scandal, is in line for a cash pay off of £8.75 million, according to Sky News.

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.

Citing sources, Sky says that the banker had deferred a long-term 'incentive award' when it matured in March on the request of colleagues concerned about public reaction to the large figure.

However, del Missier secured a large chunk of the money when negotiating his severance agreement in the wake of the Libor revelations. It is not known though what will become of share options - worth millions - held by the Canadian.

On his appointment as COO last month, del Missier had promised to "exceed our customers' and clients' expectations at every instance, while delivering on our commitments to our shareholders, regulators and broader stakeholders".

In a separate development, non‑executive director Alison Carnwath has left her post for "personal reasons". As chairman of the remuneration committee, Carnwath had fought a losing battle for Diamond to waive a £2.7 million bonus earlier this year.

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