Belfast Telegraph

Top Barclays executive exits bank with £9m pay-off deal

By Jamie Grierson

A former Barclays executive at the heart of the rate-rigging scandal has walked off with an exit package worth nearly £9m, sources close to the bank have said.

Jerry del Missier, who resigned as Barclays' chief operating officer three weeks ago, negotiated a severance deal worth at least £8.75m in the days before he quit.

The Canadian banker, who followed former chief executive Bob Diamond out of the door, was one of Barclays highest paid executives with a salary and bonus package for 2011 worth £6.7m plus a further £10.8m from share awards from previous years.

It has been reported that the settlement represents just over half of a £17m potential long-term incentive award made to Mr del Missier some years ago that matured in March.

Mr del Missier was dragged into the Libor-fixing affair when it emerged he had told staff to lower rate submissions following a conversation with Mr Diamond about Whitehall fears over Barclays' financial health.

The revelation comes shortly after non-executive director and remuneration committee chairman Alison Carnwath stepped down from the board, piling more pressure on the crisis-hit board ahead of today's half-year results.

Peter Vicary-Smith, chief executive of consumer publication Which?, said: "It's outrageous that people who preside over corruption in banking are being rewarded. The individuals involved in rate-rigging should be held to account, otherwise the culture of banking will never change."

Mr del Missier, who worked as the head of Barclay's investment banking arm at the time of the Libor-fixing claims, agreed the pay-off with Marcus Agius, the outgoing chairman of Barclays, in the days before his departure was announced.

Asked by MPs if he was the "fall guy" for Mr Diamond, Mr del Missier said: "I've resigned my position with the bank, for the good of the bank. I'm not the fall guy for anything."

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