Libor scandal: Barclays executive Jerry del Missier given £8.75m pay-off

Jerry del Missier, the former Barclays Bank executive at the centre of the interest-rate rigging scandal that cost the lender £290m, has walked away with a pay-off of almost £9m.

Mr del Missier, the bank’s former chief operating officer who resigned three weeks ago, is understood to have negotiated the deal with Barclays’ outgoing chairman Marcus Agius in the days before he quit. The pay-out looks certain to trigger another political storm over bankers’ pay.

Mr del Missier was one of Barclays’ highest-paid executives, receiving a salary and bonus package for 2011 worth £6.7m plus a further £10.8m from share awards from previous years.

He became co-head of the investment bank in January 2011, when former chief executive Bob Diamond was promoted to the top job, but emerged as a leading figure in the Libor rigging scandal.

Only last week Canadian Mr del Missier conceded to MPs on the Treasury select committee that he had told Barclays traders to lower the bank’s Libor submissions in the autumn of 2008.

That followed a controversial telephone call between Mr Diamond and Paul Tucker, the deputy governor of the Bank of England.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9427881/Libor-scandal-Barclays-executive-Jerry-del-Missier-given-8.75m-pay-off.html