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 revealed.
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 away from the business, was one of Barclays highest paid executives with a salary and bonus package for 2011 worth £6.7mn 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.
Yesterday’s revelation came a day after non-executive director and remuneration committee chairman Alison Carnwath stepped down from Barclays board, piling more pressure on the crisis-hit directors ahead of publication of the company’s half-year results today.