Robert Diamond, who stepped down last week as CEO at Barclays (NYSE:BCS) amid an escalating scandal over the bank’s attempted manipulation of the London Interbank Offer Rate (LIBOR), will decline up to $31 million in deferred stock bonuses.
Diamond will receive a severance payment of $3.1 million, but has agreed to forgo his annual bonus in addition to the deferred stock bonuses, the New York Times notes.
The move is seen as an effort to mitigate the growing public backlash against the bank in the wake of the scandal, which has also prompted the resignation of Barclays chairman Marcus Agius.
The bank has paid $450 million to U.S. and British regulators to settle charges that its traders attempted to influence LIBOR rates.
In his resignation last week, outgoing chairman Agius described the LIBOR manipulation charges as “a devastating blow to Barclays’ reputation.”
Barclays shares rose more than 1% in Tuesday morning trading in New York.