Newly resigned Barclays CEO Bob Diamond has bravely agreed to forgo his very substantial bonus of $31 million, but he'll still collect a year's salary of about £2 million, or $3.1 million. Diamond, who left the bank due to his role in rigging international interest rates, will have to make due somehow.
As The Wall Street Journal's Dana Cimilluca, Max Colchester, and Sara Schaefer Muñoz report, Barclay's Chairman Marcus Agius, who also resigned, presented this little piece of news with him like an offering as he testified in Parliament Tuesday. Diamond, a U.S.-born CEO of the London-based bank, stepped down along with Agius earlier this month after it was revealed that Barclay's artificially and purposefully lowered estimates of interest rates that make up the London interbank offered rate (LIBOR).
$31 million is an awful lot of money for Diamond to suddenly give up. And while "Diamond in the Rough" puns are making a vengeful comeback unseen since Jamie Dimon's unflattering moment under the spotlight, (financial reporters really need to invest in a phrase book or something) Diamond isn't particularly in the rough. We imagine his yearly salary will keep a roof over his head for the time being.