Barclays COO third casualty in rate rigging scandal
COO Jerry Del Missier had only been promoted a week ago
By Anh Nguyen | Computerworld UK | Published 10:25, 04 July 12
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.
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