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Bob Diamond to receive $3.1 million payout

  • Ex-Barclays boss Bob Diamond will receive his salary and benefits worth an estimated $3.1 million but has given up bonuses worth up to $31 million after stepping down from his post following the Libor scandal.

    Barclays executive chairman Marcus Agius said Diamond had given up his bonus voluntarily.

    Agius has also resigned but will stay on to find Diamond's successor.

    Earlier this month, the bank was fined $450 million for trying to manipulate inter-bank lending rates.

    Barclays' wrongdoing relates to the daily setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).

    The interest rates are two of the most crucial in the global financial markets and impact the value of trillions of dollars of financial deals between banks and other institutions.

    Barclays was previously fined in 2005 when traders manipulated rates to increase profits.