Bob Diamond, the Chief Executive Officer of Barclays Plc has stepped down from his top job at the bank following an interest rate-rigging scandal that affects several other leading banks around the world.
Barclays has been slapped with a fine of half a billion dollars due to its role in the changing the global benchmark interest rate.
The bank bonus period shall be quickly starting in earnest, and the reporting of Barclays chief executive Bob Diamond's presence in front of the Treasury select committee presents a indication of the rage that shall be noticed at the time when payments are really done as Labor pushes Osborne and Barclays chief into the dock on January 12. The rage is logical.
London's financial towns are all enclosed by 3 of the chief disadvantaged boroughs in the UK. Hackney, Tower Hamlets, and Newham quote that the bonuses on their own given to a reasonably few amount of investment bankers shall be equivalent to the entire annual incomes from all the family circle in those 3 districts can imagine to get in the year 2011 and all should think regarding that.
Bob Diamond, president of Barclays and head of its investment banking division got around £63 million as compensation for 2009. The bank provided this information in its annual report released yesterday. Bob Diamond has become the highest paid banker in Barclays now. In its annual report, the bank said that Bob Diamond had refused to get cash bonus in 2009.