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Barclays agrees terms for final settlement with departed CEO Bob Diamond
LONDON (AP) ¯¯¯ UK bank Barclays says it has agreed a resignation package with outgoing chief executive Bob Diamond where he will continue to receive his salary, pension allowance and other benefits for up to 12 months but will forfeit a number of bonus awards and incentives.
Diamond resigned last week after Barclays was fined $453 million by U.S. and U.K. agencies for making false reports of its borrowing costs between 2005 and 2009.
Barclays said Tuesday that Diamond had agreed that all of his unvested deferred bonus awards and long-term incentives would lapse, that he would not receive any future bonus or incentive awards or compensation for the termination of his employment.
Barclays did not disclose the monetary value of the agreement.