Disgraced Barclays chief Jerry del Missier banks £9m payoff

Fury at bonus for top banker in rate-fixing scandal

Barclays was engulfed in scandal again last night after reports emerged of an £8.75m payoff to the most senior executive to authorise the false submission of Libor interest rates. Jerry del Missier resigned last month but is said to have arranged the payoff in the days before his departure. The move stands in stark contrast to a decision by his boss, Bob Diamond, to give up deferred bonus payments worth up to £20m.

Last night a political storm was brewing over the payment, which Barclays repeatedly refused to deny. "We're making no comment," a spokesman said.

A Labour member of the parliamentary inquiry into banking standards, however, said such a payoff would be "totally inappropriate". Andrew Love said: "In the light of the circumstances in which Mr del Missier left Barclays it is totally inappropriate that he should be rewarded with a substantial payoff. Since he was the trusted lieutenant of Bob Diamond you would have thought he would have taken a similar stance to Bob Diamond."

The TUC also reacted with fury. Its general secretary, Brendan Barber, said: "If these figures are true, this takes rewards for failure to a whole new level. The City desperately needs to improve its stock with the British public and excessive payoffs like this won't help one bit. Instead banks need to focus on the real job of putting Britain back to work by getting credit into cash-starved companies. With the UK in the depths of a double-dip [recession], bankers should be concentrating less on their pay and bonuses, and more on getting the economy growing again."

The news came just hours after Alison Carnwath resigned as chairwoman of Barclays' remuneration committee, which is responsible for setting top executives' pay.

Her committee's decision to award Mr Diamond a £6.5m bonus in 2011 despite the bank missing his own targets sparked a shareholder revolt at the bank's annual meeting. Her opposition to the payment was over-ruled.

Mr del Missier was reportedly due the money – part of a long-term incentive award – in March, but deferred it amid the simmering fury over bankers' pay at the bank's request. This meant it would not have had a legal basis to deny him the money although he would have been at liberty to forgo the payment in a similar manner to his boss.

Mr del Missier was one of Barclays' best-paid staff but because he was not on the board it is technically under no obligation to disclose his pay.

The banker, who worked with Mr Diamond to build Barclays Capital into a major force in investment banking, revealed that while they were close colleagues they were not close friends at a hearing of the Treasury Select Committee.

This week Barclays announced the appointment of a senior banker from Rothschild's, Anthony Salz, to review its business practices which is likely to cover the way its bankers are paid.

Life and Style
Cooked up: reducing dietary animal fat might not be as healthy as government advice has led millions of people to believe
healthA look at how governments started advising incorrectly on diets
REX/Eye Candy
Angel Di Maria poses with Louis van Gaal after signing for Manchester United
peopleGerman paper published pictures of 18-month-old daughter
Arts and Entertainment
'A voice untroubled by time': Kate Bush
musicKate Bush set to re-enter album charts after first conerts in 35 years
Life and Style
Life and Style
food + drink
Life and Style
Roger Federer is greeted by Michael Jordan following his victory over Marinko Matosevic
tennisRoger Federer gets Michael Jordan's applause following tweener shot in win over Marinko Matosevic
peopleJustin Bieber accuses paparazzi of acting 'recklessly' after car crash
Arts and Entertainment
Oppressive atmosphere: the cast of 'Tyrant'
tvIntroducing Tyrant, one of the most hotly anticipated dramas of the year
ebooksAn evocation of the conflict through the eyes of those who lived through it
Life and Style
Ukrainian Leonid Stadnik, 37, 2.59 meter (8,5 feet) tall, the world's tallest living man, waves as he poses for the media by the Chevrolet Tacuma car presented to him by President of Ukraine Viktor Yushchenko in Kiev on March 24, 2008.
newsPeasant farmer towered at almost 8'5'' - but shunned the limelight
Walter Matthau and Jack Lemmon in ‘The Front Page’, using an old tech typewriter
Life and Style
Could a robot sheepdog find itself working at Skipton Auction Mart?
techModel would allow robots to be programmed to control crowds and save people from burning buildings
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Client Services Executive / Account Executive - SW London

£23000 - £26000 per annum: Ashdown Group: Account Executive / Client Services ...

PA to CEO / Executive Secretary

£36000 - £38000 per annum: Ashdown Group: Executive PA to CEO & Executive Dire...

Generalist HR Administrator, Tunbridge Wells, Kent - £28,000.

£25000 - £28000 per annum: Ashdown Group: Generalist HR Administrator - Tunbri...

Senior C# Developer (.NET, C#, JMS, TDD, Web API, MVC, integrat

£45000 - £75000 per annum + benefits+bonus+package: Harrington Starr: Senior C...

Day In a Page

Kate Bush, Hammersmith Apollo music review: A preamble, then a coup de théâtre - and suddenly the long wait felt worth it

Kate Bush shows a voice untroubled by time

A preamble, then a coup de théâtre - and suddenly the long wait felt worth it
Robot sheepdog technology could be used to save people from burning buildings

The science of herding is cracked

Mathematical model would allow robots to be programmed to control crowds and save people from burning buildings
Tyrant: Is the world ready for a Middle Eastern 'Dallas'?

This tyrant doesn’t rule

It’s billed as a Middle Eastern ‘Dallas’, so why does Fox’s new drama have a white British star?
Rachael Lander interview: From strung out to playing strings

From strung out to playing strings

Award-winning cellist Rachael Lander’s career was almost destroyed by the alcohol she drank to fight stage fright. Now she’s playing with Elbow and Ellie Goulding
The science of saturated fat: A big fat surprise about nutrition?

A big fat surprise about nutrition?

The science linking saturated fats to heart disease and other health issues has never been sound. Nina Teicholz looks at how governments started advising incorrectly on diets
Emmys 2014 review: Can they genuinely compete with the Oscars

Can they genuinely compete with the Oscars?

The recent Emmy Awards are certainly glamorous, but they can't beat their movie cousins
On the road to nowhere: A Routemaster trip to remember

On the road to nowhere

A Routemaster trip to remember
Hotel India: Mumbai's Taj Mahal Palace leaves its darker days behind

Hotel India

Mumbai's Taj Mahal Palace leaves its darker days behind
10 best pencil cases

Back to school: 10 best pencil cases

Whether it’s their first day at school, uni or a new project, treat the student in your life to some smart stationery
Arsenal vs Besiktas Champions League qualifier: Gunners know battle with Turks is a season-defining fixture

Arsenal know battle with Besiktas is a season-defining fixture

Arsene Wenger admits his below-strength side will have to improve on last week’s show to pass tough test
Pete Jenson: Athletic Bilbao’s locals-only transfer policy shows success does not need to be bought

Pete Jenson: A Different League

Athletic Bilbao’s locals-only transfer policy shows success does not need to be bought
This guitar riff has been voted greatest of all time

The Greatest Guitar Riff of all time

Whole Lotta Votes from Radio 2 listeners
Britain’s superstar ballerina

Britain’s superstar ballerina

Alicia Markova danced... every night of the week and twice on Saturdays
Berlin's Furrie invasion

Berlin's Furrie invasion

2000 fans attended Eurofeurence
‘It was a tidal wave of terror’

‘It was a tidal wave of terror’

Driven to the edge by postpartum psychosis