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Chuka Umunna MP, Labour’s Shadow Business Secretary, commenting on Bob Diamond’s exit terms from Barclays made public today, said:

“Bob Diamond’s severance package is primarily a matter for Barclays’ shareholders. However, had he taken the amount of up to £20 million it is said he could have been entitled to, that would have done further damage to the reputation of Barclays and the financial services sector as a whole.  

“To most people a payment of between £1 million and £2 million, as has been reported, will still seem like a huge sum of money and the Board no doubt will want to consider whether such a sum is justified in the eyes of shareholders, staff and the customers of the bank who feel let down by those who have led the bank in recent years.

“But the need for change and reform in the banking sector is bigger than any one individual. The focus now needs to be on getting to the bottom of the cultural flaws in the sector through holding a full and comprehensive judge led inquiry in to the behaviour and practices in the financial services sector, and on restoring the reputation of the City at home and abroad.

“George Osborne and Vince Cable are dragging their feet on bank reform, watering down the Vickers report and refusing to repeat the bank bonus tax to fund jobs for young people.”

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