Barclays chief executive Bob Diamond has stepped down in the wake of the rate-rigging scandal.

To send a link to this page to a friend, you must be logged in.

He had been under increasing pressure to resign after revelations that Barclays had manipulated the Libor, the rate at which banks lend to each other.

The American banker said: “The external pressure placed on Barclays has reached a level that risks damaging the franchise.”

He added: “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.”

The bank Barclays was fined £290 million by UK and US regulators for rigging the Libor.

Chairman Marcus Agius offered his resignation yesterday, but will now stay at the bank.

Mr Diamond, 60, said: “My motivation has always been to do what I believed to be in the best interests of Barclays. No decision over that period was as hard as the one that I make now to stand down as chief executive.”

He went on: “I know that each and every one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work.”

Mr Diamond is due to appear before the Treasury Select Committee tomorrow to answer questions over the rate-fixing allegations which ultimately led to the Government yesterday launching a parliamentary probe into banking culture.

He added: “I leave behind an extraordinarily talented management team that I know is well placed to help the business emerge from this difficult period as one of the leaders in the global banking industry.”

What do you think of Bob Diamond’s resignation? Sign in and post your comments below.

24 comments

  • I can't believe that people think the banks are being run for OUR benefit.

    Report this comment

    Lord Elf

    Tuesday, July 3, 2012

  • Someone in an exclusive golf club remarked that Bob Diamond was a country member, to which someone else said "I`ll remember"

    Report this comment

    Yorky

    Wednesday, July 4, 2012

  • And yet all the public sector workers are still paying - with their 4 year pay freeze and already smal pensions being cut......

    Report this comment

    outspoken

    Tuesday, July 3, 2012

  • The slide in Barclay's share price and its foreign investors disproval meant that Diamonds are not forever. Lets hope that the banking reform will ensure that these massive mismanagements and gambling threatening our economic fabric are in future judged and prosecuted under common law. Tax avoidance, briefly skimmed over last week, and the morally repugnant past practises of off shoring by banks and private individuals should be tackled at the same time.

    Report this comment

    ingo wagenknecht

    Tuesday, July 3, 2012

  • He had to go , but agree with others on here that he will probably get another very well paid job. The next resignation or sacking I want to hear about is the person(s) responsible for the computer fiasco at the RBS Group that caused so much chaos for people.

    Report this comment

    19stock44

    Tuesday, July 3, 2012

  • Wonder if it will take three days for its resignation to clear.

    Report this comment

    Casting Agent

    Tuesday, July 3, 2012

  • i'm starting a collection for him , just in case he runs short of cash!!

    Report this comment

    ggj666

    Tuesday, July 3, 2012

  • Ed Miliband win. The Tories were never going to stand up for the British people, the bankers are their biggest party donors.

    Report this comment

    Jeffrey Osborne

    Tuesday, July 3, 2012

  • Stand by for another massive payout on his exit !!

    Report this comment

    musicman

    Tuesday, July 3, 2012

  • Currently the system is heavily set in favour of business. If we as private individuals take as much as a penny from any business then they can go to the Police, if they take £1000's from us. It's a civil issue & tough luck. It is VERY rare to see any business director face any form of consequence other than a profitable resignation & the take up up of yet another profitable directorship. It's not just dishonest bankers that are profiting from a lack of enforcement.

    Report this comment

    el84

    Tuesday, July 3, 2012

  • What do I think? He's a c***

    Report this comment

    robotsthatcare

    Tuesday, July 3, 2012

  • The Americans put away for a long time another fraudster, Al Capone on tax charges.Surely Mr Diamond`s tax affairs could merit an investigation. Trying to understand the morallity of people like these is as difficult as trying to understand that of Hitler.they are blinkered and have only one point of view.

    Report this comment

    Yorky

    Tuesday, July 3, 2012

  • Bob "I know nothing" should be investigated for, fraud starting tomorrow. Can we have Barclays fines to build the railway structure we all need? First to make a case gets it (our MP's did it yesterday)!!!

    Report this comment

    bedoomed

    Tuesday, July 3, 2012

  • What do I think? I don't care what the readers think. I want the EDP to actually write a story on how the banking crisis etc affects people in this region. I don't want the EDP just to ask the general public what they think, that's just lazy. It's NOT news. The EDP really needs to learn what proper Journalism really involves,

    Report this comment

    ds99

    Tuesday, July 3, 2012

  • I agree entirely." What about the effect on the public?" is the question that is always asked of members of the public who have a grevance about working conditions and have to strike to promote their complaint. No comment is made when supermarkets daily manipulate their prices to con the public. I fear for my offspring if nothing is done about the present unfair system that we seem unable to change.

    Report this comment

    Yorky

    Tuesday, July 3, 2012

  • Diamond geezer. I`m sure he`ll soon find another hyper-paid role in which I`m sure he`ll cut it. It`s in his own interest. Who said crime doesn`t pay?

    Report this comment

    Mad Brewer

    Tuesday, July 3, 2012

  • Has he received a £million for resigning? It wouldn't surprise me.

    Report this comment

    Christopher Neave

    Tuesday, July 3, 2012

  • Class Penalty for Fraud and Theft in UK 1. You and Me = up to 10 years prison 2. Rich & influential = Resignation and Golden Handshake + off to pastures new

    Report this comment

    Farquarson-Smythe

    Tuesday, July 3, 2012

  • So Bob Diamond has left Barclay's to take up a much more profitable position as a benefits cheat

    Report this comment

    Trevor Lincoln

    Tuesday, July 3, 2012

  • You are better off banking with the Norfolk Credit Union - cheap loans decent dividend and unpaid Directors - no overpaid parasites there! Fine Barclays and put the money into the Credit Union where it will do some good.

    Report this comment

    John Henson

    Tuesday, July 3, 2012

  • Those putting Mr Diamonds demise down to a win by Mr Miliband may come to regret that. Bob Diamond is not going to go that easily and it seems highly probable that Labour will be drawn into the scandal. Names stick and Labour are all to eager to call the tories the Nasty Party. How soon will the headline writers be renaming the Labour Party, the Libor Party?

    Report this comment

    BG

    Wednesday, July 4, 2012

  • The Americans put away for a long time another fraudster For tax evasion, Al Capone. Are Mr Diamonds tax affairs all in order?

    Report this comment

    Yorky

    Tuesday, July 3, 2012

  • It is not a question just of one "rogue"banker, there is the role of the British Bankers Association(BBA) and the role of the Bank of England to consider.Only a truly independent and judicial enquiry will suffice to prevent any partisan attempts to reveal the truth by the politicians.

    Report this comment

    Peter Watson

    Tuesday, July 3, 2012

  • Brilliant comments everyone. Gold medal to Ingo for "Diamonds are not forever". And a silver medal to DS99. Do some investigative journalism EDP. This is lazy stuff. I know you are not the Washington Post but really!!

    Report this comment

    alecto

    Tuesday, July 3, 2012

The views expressed in the above comments do not necessarily reflect the views of this site

ADVERTISEMENT

ADVERTISEMENT

Norfolk Weather

Partly Cloudy

Partly Cloudy

max temp: 10°C

min temp: 8°C

Five-day forecast

loading...

ADVERTISEMENT

ADVERTISEMENT