Barclays CEO And COO Are Lie-borgate Casualties Two And Three

Tyler Durden's picture

First the Chairman Marcus Agius, and now both Barclays' CEO Bob Diamond and the COO del Misser are quitting. Full sweep.

From Reuters:

Barclays Plc said its Chief Executive Bob Diamond had quit with immediate effect following a market-rigging scandal.

 

Outgoing chairman Marcus Agius, who announced his resignation on Monday, will become full-time chairman and lead the search for a new chief executive.

 

Barclays' newly appointed Chief Operating Officer, Jerry del Missier, is set to follow his Chief Executive Bob Diamond and resign from the bank, a source familiar with the matter told Reuters.

 

Barclays declined to comment and del Missier could not immediately be reached.

 

Del Missier has for years been a key lieutenant of Diamond, helping him build up the Barclays Capital investment bank. Del Missier was appointed COO last month.

 

Diamond resigned with immediate effect earlier on Tuesday over an interest rate-rigging scandal in a sudden move.

The politicians, who know their secrets are safe if only for a little longer, are delighted:

British finance minister George Osborne welcomed the resignation of Barclays Chief Executive Bob Diamond on Tuesday, saying he hoped it was the first step in a new culture of responsible British banking.

 

"I think it's the right decision for Barclays, I think it's the right decision for the country because we need Barclays bank focussed on lending to our economy and not distracted by this argument about who should be in charge," Osborne told BBC Radio.

 

"I hope it's a first step to a new culture of responsibility in British banking."

Just how deep does the Lieborgate rabbit hole go if it resulted in a complete turnover of executive management at just the first named bank? Whichever bank is the US equivalent of Barclays in the US better have a succession plan.