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Bob Diamond's Got All Kinds Of Exciting Stuff Planned For Barclays

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First order of business: bonuses. Bobby's been working on something he thinks you're gonna love.

Bob Diamond will stamp his authority on Barclays next month, when the incoming chief executive announces a radical overhaul of the way it pays its top bankers as part of a broader strategic review that could see the group shed staff and put increased pressure on underperforming businesses. According to people close to the plans, Mr Diamond aims to use innovative bonds – so-called contingent convertibles, or cocos – to pay a large portion of the bonuses for more than 1,000 bankers, those ranked at managing director level and above.

Next up: layoffs.

Barclays is also planning to announce a broad-based review of its operations, pinpointing underperforming units and setting strict improvement targets. Mr Diamond was likely to extend an ongoing cost-cutting exercise at Barclays Capital, the investment banking unit, across the group, bankers said. If the scale of the BarCap cuts was replicated group-wide, it would mean more than 3,000 job losses.

Barclays To Unveil Radical Pay Overhaul

Related (...?): Bob Diamond Will Not Be Limiting Bonuses For Barclays Staff This Year, Would Appreciate It If The Bank Bashers Would Piss Off, Buy A Clue


Barclays' Board May Have Banned Bob Diamond From Coming Within 200 Feet Of The Building But That Doesn't Mean They Want To See The Poor Guy Driving Himself Around Town

As you may recall, over the summer, former Barclays CEO Bob Diamond resigned in disgrace after revelations that bank employees had engaged in rampant rate rigging on his watch. And while the scandal clearly had an affect on his last performance review, Bob and friends o' Bob will be pleased to hear that it didn't actually hurt him too badly come pay day! In addition to a couple million pounds (for half a year's work), it was announced today that Diamond's 2012 package also includes lodging while he's visiting old colleagues in town, as well as a company car and driver. No need to see the guy reduced to dirtying his hands opening door or walking, when he's already been through so much.

Bob Diamond Lieutenant Jerry Del Missier Ended Up Faring A Bit Better In The Parting Gifts Department Than The Boss

The bad news is that former Barclays chief operating officer Jerry del Missier is still out of a job and it may be some time before he gets a new one, on account of "investigations conducted by American and British authorities [demonstrating] he was a central figure" in the scandal du jour and "asked other bank officials to lower the firm’s submissions to Libor." The good news is that Jer is still (probably) getting paid, unlike some people he knows. Barclays was mired in fresh controversy on Wednesday night after handing almost £9m to a top banker who left following the Libor scandal and after one of its highest profile non-executive directors suddenly quit, taking the toll at the top to four. Jerry del Missier, who resigned after telling subordinates to reduce the bank's Libor submission during the October 2008 banking crisis, was reported to have been handed £8.75m cash as part of his leaving package. Shadow Treasury minister Chris Leslie called on del Missier to follow Diamond and waive the bulk of his payoff. "Having resigned from Barclays over the Libor fixing scandal, people will find the scale of this award completely inappropriate. Bob Diamond rightly waived most of his pay off and Mr del Missier ought to do the same," Leslie said. £9m leaving deal for Barclays deputy Jerry del Missier [Guardian] Former Top Barclays Official in Line for $13.6 Million Payout [Dealbook]