We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedPeople Management

Barclays COO third casualty in rate rigging scandal


COO Jerry Del Missier had only been promoted a week ago

Article comments

Barclays newly-appointed chief operating officer Jerry del Missier became the third casualty on Tuesday of rate rigging scandal that has engulfed the bank.

Del Missier was appointed as COO just over a week ago on 25 June. At the time, Barclays said that the new appointment would help it meet new regulatory requirements, such as those related to separate the investment and retail banking divisions.

Barclays boss Bob Diamond quit with immediate effect early on Tuesday swiftly following the resignation of the chairman Marcus Agius.

Del Missier was promoted from his role as co-chief executive of Barclay’s corporate and investment banking division, a role he had filled since 1 October 2010, with Rich Ricci.

Last year, del Missier was revealed to be the highest paid senior executive at Barclays, earning a salary and bonus of £14.3 million in 2010. Including shares, his pay package was worth £47.3 million in total.

He joined Barclays Capital in 1997, prior to which he held senior technology, finance and front office positions at the Bank of Boston and the Bank of New England.

“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 has ever been and is incredibly well placed to succeed within the post-financial reform competitive landscape," Del Missier said in a statement.

“I have every confidence that the board and executive management of Barclays will be successful in executing their plans, and I wish them the best of luck in doing so.”

Barclays chairman Marcus Agius added: “[Del Missier’s] many contributions to the firm were critical to why Barclays was able to weather the extreme market turbulence of the credit crisis as well as we did. His colleagues, clients and other stakeholders hold him in the highest regard.”

A replacement COO has not yet been named.

Share:

Comments

Barclays COO third casualty in rate rigging scandal
People Management

Finance skills evolve as the recovery takes hold

Finance skills evolve as the recovery takes hold

Finance teams need to learn soft skills as corporate priorities evolvemore ..


Lloyds Bank employees accused of £2m computer fraud

Remote access device used to steal log-in detailsmore ..

Former BP exec appointed chairman of Bahamas Petroleum

Bill Schrader to join the company’s board with immediate effectmore ..

Wolseley appoints former Sainsbury CFO Darren Shapland as non-exec

Shapland most recently served as CEO of Carpetright but left suddenly last Octobermore ..

Do you have what it takes to become a non-executive?

The benefits of board service for CFOsmore ..

How level is the playing field for women in business?

Vince Cable moots women-only shortlists just ahead of international women’s daymore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Do you have what it takes to become a non-executive?

Do you have what it takes to become a non-executive?

The benefits of board service for CFOs more ..

In Depth
How M&A teams can create value by challenging the CEO

How M&A teams can create value by challenging the CEO

A typical “hold” period of nine to 18 months can generate increased sale value more ..

Advertisement

* *