Barclays Boss Bob Diamond Resigns Amid Libor Scandal

Bob Diamond

Barclays Chief Executive Bob Diamond has resigned with immediate effect.

The move comes less than a week after the bank was fined, for trying to manipulate inter-bank lending rates, sparking a government inquiry and calls for criminal investigations.

Mr Diamond said he was stepping down because the external pressure on the bank risked “damaging the franchise”.

Mr Diamond is one of the UK’s highest paid Chief Executives, earning £20m last year, and was described as “the unacceptable face” of banking, by the then business secretary lord Mandelson in 2010.

The details of any severance package are not yet known. He was head of Barclays capital, its investment bank division.

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