Diamond resigns as Barclays chief

Bob Diamond, chief executive at Barclays, announced today its resignation from the bank with immediate effect.

 

The decision comes less than a week after Barclays was fined a record amount by UK and US authorities for trying to manipulate inter-bank lending rates Libor and Euribor.

Marcus Agius, who also resigned from the bank, will now become full-time chairman and will lead the search for a new chief executive, according to a bank statement.

Marcus will chair the Barclays executive committee pending the appointment of a new chief executive and he will be supported in discharging these responsibilities by Sir Michael Rake, deputy chairman.

“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,” Barclays said.

“I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth. I know that each and every one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work. I look forward to fulfilling my obligation to contribute to the Treasury committee’s enquiries related to the settlements that Barclays announced last week without my leadership in question,” Diamond said today.

He added he joined Barclays 16 years ago to build a world class investment banking business“Since then, I have had the privilege of working with some of the most talented, client-focused and diligent people that I have ever come across. We built world class businesses together and added our own distinctive chapter to the long and proud history of Barclays. My motivation has always been to do what I believed to be in the best interests of Barclays. 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,” he said.

 

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