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Bob Diamond has quit as chief executive of Barclays bank with immediate effect, in a shock twist to the rate-rigging scandal.
Marcus Agius, who announced his intention to resign as chairman only yesterday, is to become full-time chairman and lead the search for Mr Diamond's successor.
The announcement was unexpected in that Mr Diamond had made it clear to staff in a memo only 24 hours earlier that he had no intention of falling on his sword - saying it was his responsibility to restore the bank's reputation.
Barclays was fined £290m by UK and US regulators for manipulating the inte
Originally posted by hadriana
I hope, on a personal level that this is a good move for him.
He has recognized banking as a cesspit, and he's getting out.
I don't think it will help banking all that much but maybe it will help him some.
a dollar to a donut that he gets a primo retirement package,,,
it's all too little too late...considering he must have had some input into crafting the infamous 'living wills' for the major (TBTF) banks...articles.chicagotribune.com... living-wills
Big banks craft "living wills" in case they fail
June 27, 2012|David Henry and Dave Clarke | Reuters
Originally posted by St Udio
theres a lot that's not being said of the contents of these 'living will' for the banks..
most likely the multi-year pay packages being guaranteed even if they run the institution into the groundedit on 3-7-2012 by St Udio because: (no reason given)
Originally posted by Peruvianmonk
This from a bank that admitted to the rigging of Libor. 20 other banks are being investigated who have not admitted their guilt, could be even more messy for them.
I did enjoy the Sun's headline last week "Sign on you Crazy Diamond".
Barclays has revealed how its most senior executives became embroiled in the Libor rate-fixing scandal. The bank has disclosed details of a phone call between former boss Bob Diamond and the deputy governor of the Bank of England, Paul Tucker, in 2008. Mr Tucker told Mr Diamond that Barclays' Libor submission did not always need to be as high as it was. Barclays said Mr Diamond did not view this as an instruction, but another executive, Jerry del Missier, did.