Socialist Worker

A £2m golden parachute for disgraced banker Bob Diamond

Issue No. 2311

Bob Diamond may have been forced out of Barclays and to give up his bonus. But he’s still laughing all the way to the bank—as he will grab a £2 million “golden parachute”.

He’s already got a total fortune of at least £100 million. He remains among the super-elite of the world’s very richest bankers. He built that fortune on sheer aggression, and doesn’t intend to give up now.

While he won’t now get share payouts he was in line for, he will still pocket a year’s salary—and fat pension contributions.

It is quite a fall for Robert E Diamond, who has been a banker all his life. He started out as a trader Morgan Stanley, moved to Credit Suisse, then spent 16 years at the top of Barclays.

It was the banking crisis that really made his fortune. When Lehman Brothers collapsed in 2008, Diamond snapped up the corpse and used it to build a Frankenstein monster bank—Barclays Capital. Now a firm that already went to the wall once has sparked another crisis.

Last week, MPs at the select committee asked Diamond again if he still thinks banks should stop apologising. He refused to answer the question.

Diamond is reportedly a keen golfer. Now he’ll have more time to drive down his handicap as he won’t be worrying about rates.

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