Bob Diamond resigns as Barclays chief

[Butifldrm]

Bob Diamond resigns as Barclays chief

Bob Diamond has resigned as chief executive of Barclays over the interest rate rigging scandal at the bank, with Marcus Agius taking control as chairman.

Bob Diamond said he did not want to damage the bank's reputation further by staying. Photo: AFP/Getty Images

11:53AM BST 03 Jul 2012

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Mr Diamond said in a statement: "No decision over that period was as hard as the one that I make now to stand down as chief executive. The external pressure placed on Barclays has reached a level that risks damaging the franchise – I cannot let that happen."

Barclays was fined a record £290m last week for attempting to manipulate the interbank lending rate, Libor, between 2005 and 2009.

Marcus Agius, who announced his resignation on Monday in an attempt to conduct anger away from the bank and its chief, will remain as full-time chairman and lead the search for a new chief executive.

The search for a new chief executive will commence immediately and will consider both internal and external candidates. The businesses will continue to be managed by the existing leadership teams, the bank said.

The resignation could lead to more departures at the bank, with the Financial Times, citing people familiar with the matter, reporting that Jerry del Missier, Mr Diamond’s long-time lieutenant, is also set to leave. Last month he was put in charge of restructuring the business.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9371729/Bob-Diamond-resigns-as-Barclays-chief.html

The resignation of chief executive of Barclays Bank

07/03/2012 | (Voice of Iraq) - Add Comment - LONDON (Reuters) resigned Bob Diamond, chief executive of Barclays Bank ‭ immediate effect on Tuesday because of a scandal in the manipulation of interest rates becomes a victim of the highest so far in an investigation involving ten other large banks in the various around the world. said the third-largest bank in Britain that the Chairman Marcus Agius, who announced his resignation on Monday, will lead the search for new chief executive. , Diamond said in a statement: "the external pressure on Barclays reached a level threatening to destroy the brand and I can not allow that." and announced Agios his resignation yesterday because of the scandal rig dealers in interest rate between banks to London (LIBOR) which is used as a standard product price at a value of about 350 trillion dollars around the world. but Agius said that he continues in office for a while to find the new President of the Board of Directors. and imposed by U.S. authorities and British a fine of $ 453 million to Barclays to become the first bank to reach a compromise as part of an investigation involving more than a dozen other banks, including Citigroup, ‭ ‬ and Yu. CBS. ‭ ‬ and R. CBS. ‭ ‬. preparation Ahmed inspiration for the Bulletin Arab - Edit Nadia Aljowaily

Read more: http://www.sotaliraq.com/business.php?id=6787#ixzz1zZ32CvVl

[Shelley]

Thanks for the post Butifldrm... This article has a little bit of a deja vue feeling to it.

[SevyShasha]

Feels like theatre to appease the masses showing them that heads have rolled and that the financial crisis has reached its end, justice for those who 'caused' it.

I suspect these financial crisis themselves are intentionally created so the later high profile excessively media flogged hearings and 'investigations' are part of the puzzle - the end game hopefully (so we can start our next great bubble and finally get jobs!).