Barclays have announced that Bob Diamond’s severance pay will be set by the fully transparent mechanism of seeking the views of 15 random Barclays customers and then averaging the result. “By using this tried and true mechanism, one that Bob himself approved of, he can be assured his severance pay has been set fairly” explained Barclays chairman Marcus Argius.
Initial indications from two members of the panel point to a zero figure as the likely result.
Reading pensioner, Rob Macnab, said: “While I have sympathy for Mr Diamond’s position and would personally like to help, having reviewed the criteria my hands were tied and I am not in a position to offer him any severance pay in the current economic climate.”
Another panel member, wine shop owner John Rollo, noted: “Unfortunately Bob failed to prove that he has absolutely no need for any severance pay whatsoever, so on that basis I’m not prepared to recommend any severance pay.”
Bank insiders say that Diamond is not worried about whether he gets any severance pay or not – his mortal fear is that he will be forced to spend more time with his family.