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Barclays' Diamond quits with immediate effect

The CEO is the second Barclays casulty in the rate-rigging scandal

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Barclays chief executive Bob Diamond became the second head to roll on Tuesday amid the rate fixing scandal after days of mounting pressure from politicians to quit the bank.

Diamond steps down with immediate effect and outgoing chairman Marcus Agius, who resigned on Monday, will become full-time chairman to lead the search for a new chief executive, the bank said in a statement on Tuesday.

Considered the best paid man in banking, Diamond, who joined Barclays 16 years ago and was boss at Barclays Capital during the rate-rigging years, said the decision to quit was the hardest he has had to make during his period at the UK’s third largest bank.

But he said the external pressure now placed on him “has reached a level that risks damaging the franchise – I cannot let that happen”.

“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.

He said he looked 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”.

Agius said that as chief executive of Barclays Diamond “has led the bank superbly”.

Chancellor George Osborne on Monday announced an inquiry into the Libor scandal to run in parallel with a wider banking inquiry.

Photo credit: Reuters


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