View the article online at http://citywire.co.uk/money/article/a603325
Bob Diamond gives up £20m bonus
(Update) Bob Diamond, Barclays’ former chief executive, has bowed to pressure and agreed to waive bonuses of up to £20 million.
When asked, therefore, if Diamond had lied to the Committee Agius refused to comment.
Agius was also questioned by MPs over the FSA's annual review of the bank, quoting a letter sent from FSA chief Lord Turner earlier this year in which he raised concerns that 'Barclays has a tendency continually to seek advantage from complex structures or favourable regulatory interpretations'. He gave several examples of instances where Barclays was 'aggressive', 'not fully transparent' and sought to 'spin messages in an unhelpful fashion'.
There was a moment of humour when Agius claimed someone from the Financial Services Authority had told him on the way to a meeting that ‘you’re best in class’. Chairman Andrew Tyrie quipped, 'well I dread to think of the reports we’ll see on other banks!'
Tyrie added that Diamond had shown a 'complete lack of candor' in his meeting with MPs and thanked Agius for his own 'direct and frank' answers.
When asked how he felt that a great British bank had been dragged through the mud, Agius said: 'I regret deeply what has happened at Barclays and I am truly sorry'. He added that Barclays could not have done more to co-operate with the authorities' investigations and that it was now suffering now from a 'first mover disadvantage'.
News sponsored by:
After Boris announced he was backing Brexit, sterling suffered its biggest slump in six years. Our Market Mavens discuss. Follow the Market Mavens LinkedIn page for weekly videos, in which our panel of industry experts share their views on financial news
The Citywire guide to investment trusts
In association with Aberdeen Asset Management
More about this:
Look up the shares
More from us
- Q&A: what is Libor and what did the banks do to it?
- Tucker did 'absolutely not' encourage Barclays to fix its rates
- Diamond tells MPs: 'I don’t feel personal culpability'
What others are saying
- Barclays statement on Bob Diamond severance package
- Barclays statement
- Financial Services Authority letter
- Letter from FSA chief Lord Turner
Tools from Citywire Money
From the Forums
Weekly email from The Lolly
Get simple, easy ways to make more from your money. Just enter your email address below
An error occured while subscribing your email. Please try again later.
Thank you for registering for your weekly newsletter from The Lolly.
Keep an eye out for us in your inbox, and please add firstname.lastname@example.org to your safe senders list so we don't get junked.