Diamond faces battle with Barclays over £25m payoff

Former chief executive Bob Diamond is facing a battle to keep his £25m payoff from Barclays after it emerged the bank's board is looking into its legal position on his entitlements.

The board called a late meeting last night to discuss its position in regard to Diamond's £18m of unvested share options and £4m-plus of benefits, the Telegraph reports. He is also due more than £2m in lieu of a year's salary and pension following his departure earlier this week. Legal arguments could centre on the reputational damage the LIBOR scandal has done to the bank, whose shares have fallen 15% since it broke. A source close to the board told the paper: "Barclays needs to establish where it stands legally with regards to Bob's contract and entitlements. "The bank is full...