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Barclays Loses Two More as Scandal Embroils Bank

Only one day after chairman Marcus Agius announced his resignation, ""Barclays"":http://group.barclays.com/home said that director and CEO Bob Diamond and COO Jerry del Missier are both stepping down.


The resignations were announced Tuesday morning and are effective immediately. Agius will lead the search for a new CEO and will be supported by deputy chairman Michael Rake. Barclays has not yet commented on a successor for del Missier.

The wave of resignations is brought on by a scandal last week, when it was revealed that Barclays had manipulated the London Interbank Offering Rate (LIBOR). The company was fined by British and U.S. authorities in the sum of ├âÔÇÜ├é┬ú290 million ($450 million).


""I joined Barclays 16 years ago because I saw an opportunity to build a business out of almost nothing. 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,"" said Diamond in a statement.

""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,"" he added.

Del Missier released his own statement about his resignation.

""We built one of the premier global investment banks from scratch-something that we are all very proud of. The firm is as strong today as it ever has been and is incredibly well placed to succeed within the post financial reform competitive landscape,"" said Missier.

While Diamond said the decision to leave was difficult, he felt the external pressure and the risk to the bank's reputation from the scandal was too great.

""I am deeply disappointed that the impression created by the events of last week about what Barclays and its people stand for could not be further from the truth,"" he said.

""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,"" he added.

About Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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