As it happened: Barclays chief's resignation

Key Points

  • Barclays chief executive Bob Diamond has resigned with immediate effect, followed hours later by chief operating officer Jerry del Missier.
  • MPs will vote on Thursday on whether to have a judge-led or parliamentary inquiry into Barclays' inter-bank interest rate fixing.
  • Barclays chairman Marcus Agius, who had announced his own resignation on Monday, is running the bank until a new chief executive is found.

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  1.  
    0851:

    Welcome to our coverage of the resignation of Barclays' chief executive Bob Diamond. We will be bringing you the latest reaction, from the business and political worlds, with analysis from BBC correspondents.

     
  2.  
    0857:

    Mr Diamond's announcement comes less than a week after the bank was fined a record amount for trying to manipulate the Libor, the inter-bank lending rate.

     
  3.  
    0858:

    Last week, regulators in the US and UK fined Barclays £290m ($450m) for attempting to rig Libor, the interest rate at which banks lend to each other.

     
  4.  
    0859:

    Mr Diamond issued a statement, saying: "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."

     
  5.  
    0905:

    Chancellor George Osborne was told of the resignation on Monday night by Barclays chairman Marcus Agius.

     
  6.  
    0905:

    Mr Osborne told BBC Radio 4's Today programme: "He said the board had come to view that that was the right decision and Mr Diamond had come to that view."

     
  7.  
    0906:

    Mr Osborne said the government had had "conversations" with the bank but denied ministers were responsible for Mr Diamond's departure.

     
  8.  
    0907:

    "I was very clear that it was not the job of the chancellor of the exchequer or the prime minister or anyone else in the government to make a decision about who ran, in effect, a private company, Barclays," he said.

     
  9.  
    0908:
    Bob Diamond, former chief executive of Barclays

    Mr Diamond's resignation takes effect immediately. There are no details yet on his severance package.

     
  10.  
    0910:

    Labour's John Mann - who will be one of those questioning Mr Diamond when he appears before the Treasury Select Committee on Wednesday, says: "Bob Diamond was a bank manager who couldn't be trusted. Well, a bank manager who can't be trusted is no use to the bank and no use to the British people."

     
  11.  
    0910:

    Speaking to BBC Breakfast, Mr Mann adds: "The big problem for Barclays isn't, in fact, whether people like me ask awkward questions of Bob Diamond - which we certainly will continue to do - but whether across the world people trust the name of Barclays Bank. And, the answer to that is - no they don't."

     
  12.  
    0911:

    He continues: "The legal actions that have already begun have got huge consequences. Barclays needs to sort itself out and their need to be more heads that roll for the people that have been fiddling their consumers, their customers."

     
  13.  
    John Prescott Former Labour politician

    tweets: I thought 'the buck stopped' with Marcus Agius? Now he's unresigned and Bob Diamond's gone. Did Agius pass the buck to Bob?

     
  14.  
    0914:

    BBC political correspondent Norman Smith said there was a "sense of inevitability" about Mr Diamond's resignation. "It was nigh on impossible for him to expect to limp on."

     
  15.  
    0917:

    The focus will turn to Wednesday's hearing before MPs, with the question being whether Mr Diamond will feel free to take on all-comers or feel cowed. It will be a fascinating hearing, adds our correspondent.

     
  16.  
    0919:

    Hugh Muir, Guardian diary editor, says: "A bad day for Bob Diamond then, and as the coverage continues, it will only get worse. But there is one ray of sunshine on a cloudy gloomy day. Diamond is out at Barclays, but still he has an ally in the London Mayor Boris Johnson, who - in the face of some controversy - appointed him in 2008 to the charitable Mayor's Fund for London."

     
  17.  
    0922:

    For a look at the career of Bob Diamond, once the highest-paid chief executive, you can read our profile.

     
  18.  
    Ed Miliband Labour Leader

    tweets: It was clear Bob Diamond was not the man to lead the change that Barclays needed, but this is about more than one man bit.ly/KXyLka

     
  19.  
    0929:

    Deputy Prime Minister Nick Clegg says of Mr Diamond's resignation: "This was the right decision on his part. People will now want us to get on with the inquiry and take further action fast to ensure that people and businesses are protected."

     
  20.  
    0930:

    Former Liberal Democrat Treasury spokesman, Lord Oakeshott, says: "Five years ago we first called Bob Diamond running the Barclays capital as a casino operation and warned against him - and only last year, in government, Vince Cable warned against him being put in charge of Barclays Bank."

     
  21.  
    0930:

    He adds: "He's symbolic of the gambling and greed that we see in the city and I am pleased that he has gone and it is actually a triumph for democracy, because the supine board of Barclays were not prepared to deal with it and it's only by public pressure and parliamentary pressure that he's done the right thing."

     
  22.  
    John Blotty in Guildford

    emails: Undoubtedly the right and correct action taken by both Agius and Diamond. Let's not forget that the of rate corruption scandal was industry-wide. Barclays just happens to have been caught and fined.

     
  23.  
    0932:

    To follow Barclays share price, follow our market data page here.

     
  24.  
    0935:

    The government announced on Monday they would set up a parliamentary inquiry into banking, but Labour say they will vote at every possibility to stop it. This means that there could be as many as three votes - two in the Lords and one in the Commons - in the next few days.

     
  25.  
    Gurdev Landa in London

    emails: It's a sad day for banking generally as Bob Diamond was highly regarded as one of the best CEO's in the market. He helped revolutionise banking. I do not think Barclays are the only guilty party, as I am sure there will be others that will follow!

     
  26.  
    0939:

    With Mr Diamond claiming "external pressure" contributed to his decision, BBC political editor Nick Robinson says this will allow Labour to claim that their leader's call for him to resign had some effect.

     
  27.  
    0940:

    Speaking to the BBC, shadow financial secretary to the Treasury Chris Leslie says: "This is a really important moment for a major change... a very serious issue for our economy, for our financial services sector, and that's why we need to have a really serious inquiry to rise above it."

     
  28.  
    0941:

    Martin Vander Weyer in the Daily Telegraph looks at why Bob Diamond is not the only one to blame: "The Treasury's show-trial grilling of Barclays chief Bob Diamond this week will feed the public hostility towards bankers, but do nothing to promote a cultural shift in the financial services sector."

     
  29.  
    Michael Sprinz in London

    emails: His resignation is not sufficient. We are tired of directors and CEO's, after being forced out of office, to retire with millions. This is criminal activity, and needs to be dealt with as such. I have banked with Barclays for over 50 years, and I resent enormously the way the total banking sector has behaved with our hard earned cash.

     
  30.  
    0948:

    Conservative MP Douglas Carswell says questions should be asked why it took an American regulator responding to American news reports to lead to the Barclays fine. He predicted that other banks will become "hyper-accountable" in the way Barclays has become.

     
  31.  
    Andrew Westbrook

    tweets: It's good diamond has gone but I firmly believe we are only just scratching the surface of greed and sleaze

     
  32.  
    0957:

    In the Wall Street Journal, Max Colchester and Digby Larner say: "Mr Diamond's departure marks a victory for the UK's political establishment, which has long complained about the bank's management culture."

     
  33.  
    Natalie Raybould

    tweets: Do watch Bob Diamond on the @BBCNews @Peston report wiggling his finger pantomimically in his ear then wiping it on a lackey's shoulder...

     
  34.  
    J Hudson in Skipton

    emails: It is well known that the most difficult thing to change in an organisation is its culture. The culture of lying and deceit allied to contempt for shareholders and customers alike has been so widely endemic in Barclays for so long that it would take years, if ever, to change this in such a large organisation.

     
  35.  
    0959:

    The Guardian has a timeline of events leading up to Mr Diamond's resignation.

     
  36.  
    1000: James Smith

    comments on Facebook: I might be in the minority but I'm not 100% convinced it was right for Bob Diamond to go. Banks need the best people, they inadvertently run our economy. It is clear Barclays did wrong, however, when was it? It wasn't last week. Bob has turned Barclays into a global powerhouse who can take on the big American banks, he built a bank (business) that was one of the only ones not to need a bail out and has guided it through to this.

     
  37.  
    1001:

    Move Your Money UK, a campaign calling on people to move their money out of the high street banks and into mutuals such as building societies and credit unions, welcomes the announcement but warns: "A couple of fat cats falling on their swords must not distract us from the urgent task at hand of reforming our banking system. And any talk of a golden handshake for Diamond should be completely out of the question. Rewarding failure can no longer be tolerated."

     
  38.  
    Madhav in Glasgow

    emails: It doesn't make much sense to call for Bob's resignation and be happy about it. He is one of the best CEOs in British banking industry. At the height of recession, when other banks (RBS, Lloyds) were out with begging bowls and tax payers' money was spent on saving them, Barclays bought an American giant, Lehman Brothers. He has consistently brought Barclays to profit and has expanded it in the US and Asia.

     
  39.  
    1006:

    Listen here to Chancellor George Osborne give his reaction on the Today programme to Mr Diamond's decision and the announcement of a wide-ranging parliamentary review of the banking sector.

     
  40.  
    1006: tomaszp

    comments on the BBC News website: A real shame that Bob Diamond was forced to resign. Barclays has grown so much under his watch. It was his vision and talent that made Barclays one of the major global banks. He is recognized as one of the most talented banking leaders. Barclays and its shareholders will suffer for his departure. His departure will not "fix" Barclays, it will damage it.

     
  41.  
    Duncan Brown in Milnthorpe, Cumbria

    emails: As a Barclays customer, I doubt that this is any sign of change to how we are treated. So is Diamond resigning a sign of banks taking responsibility? Personally, I doubt it. I am almost certain that when his 'resignation package' is revealed it will be more like he has won the lottery than lost his job. I would be happy to be proved wrong so we will have to wait and see!

     
  42.  
    1009:

    BBC political correspondent Norman Smith says we can draw an analogy with the press ethics saga - while we may not get a Leveson-style inquiry, the idea that this banking situation is just about Barclays is not viable. This will have much, much wider ramifications, he says.

     
  43.  
    1010:

    Reaction has come from outside the UK, with European Commission President Jose Manuel Barroso saying the culture of excess in Britain's banking industry had to come to an end.

     
  44.  
    1011:

    "We have seen once again in recent months and weeks, both in the United States and in Europe, including in some of the major banking institutions, that practices that have fuelled the financial crisis are not yet eradicated from the sector. Once again we have been confronted with reckless trading and market manipulation. It is time that this practice is stopped once and for all, and it is time that the sector that owes so much to the taxpayer's support accepts to hand back a fair share to society," Mr Barroso says.

     
  45.  
    1013:

    Baroness Wheatcroft, a former Barclays board member, says the "search is already on" for a chairman from outside the bank. "It should mean there will be a rethink about the make-up of the bank, how important the investment banking should be in the model going forward, and, indeed, what is investment banking."

     
  46.  
    Donald Fraser in Beaconsfield

    emails: Don't these people understand even now that we don't want to 'banker bash'. We understand just how important a thriving banking industry is to the overall British economy, to numerous people and businesses throughout the country. But we want this crucial sector to be run by people with integrity, with principles, with authority and not by amoral charlatans.

     
  47.  
    1017:

    BBC's Ben Geoghegan is at Barclays headquarters in Canary Wharf and says there will be quite a lot of surprise in the City over what has happened.

     
  48.  
    1020:

    Our correspondent says Mr Diamond is keen to preserve his reputation, which he perhaps feels has been harmed unfairly.

     
  49.  
    1023:

    To understand about Libor, lending, mortgages and Barclays, we have compiled a Q&A on bank rates.

     
  50.  
    1025:

    John Longworth, the director general of the British Chamber of Commerce, says the "banking scandal" could have wider repercussions: "It is a banking scandal, but the real scandal is the impact of these things on the real economy, and we shouldn't assume that they don't have any impact. It's very, very important that businesses... are actually able to access finance."

     
  51.  
    1026:

    He continues: "If this scandal in any way restricts the banks even further from being able to provide lending, then that's going to have a major impact on businesses and jobs and growth."

     
  52.  
    1028:

    Libor is to banking what the Millie Dowler case was to phone hacking, says BBC political editor Nick Robinson. What next, he asks?

     
  53.  
    1031:

    Terence O'Shea, a small Barclays shareholder, tells the BBC Mr Diamond's actions were inevitable, and expects the company to bounce back: "I think chief executives can have charisma, but big companies at the top are always full of ambitious political people with ability - and it will be a case of the king is dead, long live the king."

     
  54.  
    1033:

    It is a soap opera like no other I can remember in my 30 years (well, 29 years to be precise) of reporting on the City, says BBC business editor Robert Peston.

     
  55.  
    1038:

    The Financial Services Authority, which fined Barclays for attempting to manipulate the Libor, is holding its annual meeting. In his speech, chairman Lord Adair Turner says: "The Libor scandal has caused a huge blow to the reputation of the banking industry."

     
  56.  
    1039:

    "The cynical greed of traders asking their colleagues to falsify their Libor submissions so that they could make bigger profits has justifiably shocked and angered people, in particular when we are facing hard economic times provoked by the financial crisis," he adds.

     
  57.  
    1040:

    "But, sadly, it is clear that the behaviours evidenced in the Libor case were not, in the years before the crisis, confined to this specific area of financial activity," Lord Turner says.

     
  58.  
    Gray Dourman

    tweets: ‪#Diamond‬ 's resignation is a triumph for British democracy. There is no freedom without crime. Acknowledging crime is a freedom.

     
  59.  
    1044:

    Shadow business secretary Chuka Umunna says there is cultural issue at Barclays: "Clearly, this wasn't just a few rotten eggs. There have been a number of problems at Barclays over the last few years... they've had over £11m of other fines levied on them over the last few years."

     
  60.  
    1045:

    Mr Umunna adds that it is "absolutely essential that we have this proper, independent, judge-led inquiry that we have been calling for... to actually look at what are the causes of this culture, what are the causes of the behaviours that we've been seeing propagated, and in particular, what do we need to do to correct that".

     
  61.  
    John George in Congleton

    emails: As a Barclays customer, I am disgusted at the incompetence of the board of Barclays, who are responsible for the governance of the organisation. They should all be replaced. The faster the retail arms of the banks can be separated from the casino/gambling arms of the banks, the better.

     
  62.  
    1049:

    Labour leader Ed Miliband says that if Prime Minister David Cameron does not order a judge-led inquiry into banking "he will be failing to understand both the gravity and the scale of this crisis."

     
  63.  
    1049:

    He adds: "We've had missed opportunities before - we've got to seize this moment... The last thing the public wants is the sense that the establishment is trying to cover this up, trying to sweep this under the carpet".

     
  64.  
    1049:

    Mr Miliband says a judge-led inquiry would help to restore greater public confidence in the financial sector, adding he believes it can be done quickly.

     
  65.  
    Luftur Rahman, Tower Hamlets Mayor

    tweets: Bob D resignation not enough. Regulation needed so banking industry meets needs of real economy & not casino economy http://alturl.com/gfkqq

     
  66.  
    1050:

    Mr Miliband admits that Labour did not get financial regulation right: "And we're very open about that - and we've got to learn lessons from that and we are learning lessons from that."

     
  67.  
    Jan Bayford in North Cotes

    emails: Since being made redundant in Spring 2009 they have been very kind during what has been a very difficult time for me and this has helped me get back on my feet. It defies belief that behind the scenes they are operating an illegal casino in which my money and the money of all their other Customers is used as chips. I have been a Customer of Barclays for 12 years plus.

     
  68.  
    1053:

    PoliticsHome editor Paul Waugh says: "Given that the subprime crisis was Made in America, some will think it fitting that American Bob Diamond has finally fallen on his wallet." Read the rest of his analysis here.

     
  69.  
    Chris in Essex

    emails: As a former Barclays (branch) employee and current pensioner, I think this resignation should have come immediately. There is no way such a highly paid executive could fail to know about or be involved in this. It's a shame that the whole bank is now going to be tainted by this when so much of it is good.

     
  70.  
    1058:

    Patrick Jenkins, banking editor for the Financial Times, says: "Whether it's a parliamentary inquiry or a judge-led inquiry, it will probably be seen by the public as something superfluous. It's pretty evident, really, what the banks have done wrong over the years - both in the midst of the crisis and since. We hear about it constantly, and we write about it constantly. I think most people will take the cynical view and think it's a waste of money."

     
  71.  
    1058: Nikki Tees

    comments on facebook: Resigned with a nice golden parachute to cushion the 'blow'? He didn't do his job properly.....most other employees would of been sacked.....with NO nice package!

     
  72.  
    1059: Helen

    emails: It's been so hard working in a branch for the last few days. We as front line staff do not deserve to be put in that position. We do not receive bonuses, have a low basic salary, are chronically understaffed due to the fact that there is a real problem with the retention of staff due to high sales targets. We are as disappointed and as let down as the rest of the public, and for this reason I am pleased he is gone.

     
  73.  
    1106:

    The FT's Patrick Jenkins also says there will "almost certainly" be uncomfortable questions for financial regulators when Mr Diamond appears before the Treasury Select Committee on Wednesday: "I think Mr Diamond feels pretty cross about the way the story has evolved... and his view is that [Barclays] came clean and they admitted what they had done wrong - they paid a financial penalty."

     
  74.  
    Peregrine Maniace

    tweets: ‪#Diamond‬ hounded out by MPs, this is not right, I mean most of these jokers are not fit to run a small cap company ‪#Barclays‬

     
  75.  
    1108:
    Labour leader Ed Miliband

    Labour leader Ed Miliband rejected the government's proposal for a parliamentary inquiry, saying it "needs to be more forensic".

     
  76.  
    James Lenoel in Byfleet

    emails: As a customer of almost 25 years, I finally realised that enough was enough. I called Barclays yesterday and told them politely that I had nothing against the counter staff or the telephone banking teams, but that I wanted to close my account. I was directed to go to a branch to do it. My actions are the actions of someone who is sick and tired of bankers getting away with it. Diamond's resignation is yet another example of them getting away with it.

     
  77.  
    1115:

    There are reports that Barclays chief operating officer Jerry del Missier is set to leave the bank. Barclays is refusing to comment.

     
  78.  
    Tom Robinson

    tweets: We cannot have politicians (some of whom belong to a party which got 51% of their donations from bankers) investigating the banks! ‪#Diamond‬

     
  79.  
    1119:

    The Daily Telegraph's political commentator, Iain Martin, says: "The Libor scandal is just getting going and other banks and the regulators will be dragged in. It is deeply damaging to the already battered reputation of the City. But what is slightly depressing is the sanctimonious lynch-mob mentality which currently prevails."

     
  80.  
    1120:

    US newspaper the Boston Globe reports that, before his resignation, Mr Diamond pulled out of hosting a London fundraiser for US Republican presidential candidate Mitt Romney - with tickets costing up to $75,000 per head.

     
  81.  
    Douglas Nurse in Reading

    emails: As a customer and shareholder this is bad short term as it leaves Barclays without a CEO and I believe good longer term as it will help clean up financial services. I admire Mr Diamond for both what he has contributed and also for having the courage to resign now; it is sad that doing the right thing means Barclays loses an outstanding leader.

     
  82.  
    1128:

    Bob Diamond's remuneration package is "still under discussion", the bank says. In 2011 Mr Diamond earned £20.9m, comprising salary, bonuses and share options, and he is reported to have a personal wealth of £105m.

     
  83.  
    1129: Peter Keyse

    comments on Facebook: And in resigning has Bob set a precedent in the breaking Libor scandal? Will all the other CEOs of all the other banks and agencies involved follow suit?

     
  84.  
    John Thatcher in St Ives

    emails: I bank with Barclays and am an ex-employee of the bank. In my view, the only options were for Diamond to resign or to be dismissed. Barclays Bank was founded by Quakers and it is particularly disappointing that the ethos of the business has fallen so far from the principles under which it was established. The bank should now cleanse itself, then lead the way towards implementing moral and ethical business practises across the financial sector.

     
  85.  
    Michael McCabe Bridge in Weir, Renfrewshire

    texts: Where is the British Bankers Association? Why have they stayed silent? They were quick to defend the bankers after the banks were bailed out and asked that we "get over it" and to "stop this banker bashing". How can they defend an industry that has profiteered from their lies, their fraud and their greed? The taxpayers have bailed out the banking industry for no gain. Stephen Hester addressed the banking customers about the failure of their computer systems and said, "..we have broad shoulders." Yes, broad shoulders that are supported by us, the taxpayer.

     
  86.  
    1142:

    For one argument about "why Bob Diamond's pay mattered", you can read Margaret Heffernan's analysis in the Huffington Post.

     
  87.  
    1148:

    The role of Marcus Agius - who resigned as chairman on Monday only to be back running the bank on Tuesday - is slightly confusing for former Treasury minister Lord Myners. But he tells the BBC that "now it's become very obvious that it would be wrong for the chairman and the chief executive of a bank of Barclays' size and calibre to go at the same time, because we need a vehicle to be able to select the right candidate to take over from Bob Diamond eventually."

     
  88.  
    1149:

    John Cridland, CBI director general, says the focus now must be to "urgently restore confidence in the banking system" because it is vital for Britain's businesses to get the banking services they need to grow.

     
  89.  
    1150:

    Mr Cridland outlines three main actions: "Libor should be set on real market data and independently regulated; banks' internal controls must be strengthened to underpin a necessary change in culture; and individuals need to be held to account where appropriate."

     
  90.  
    1150: Neil Johnson

    comments on Facebook: Successive governments were happy to let the banks get on with whatever shady practices they liked, while the City was a cash cow that kept post-industrial Britain afloat. Now that the banks have become a liability, Westminster has jumped ship. The process of detoxification could take years.

     
  91.  
    1156:

    Analysis continues into Mr Diamond's departure, with the Spectator's Fraser Nelson saying that Bob Diamond's "big mistake... [was that] he thought Barclays would not have to dance to the politicians' tune."

     
  92.  
    1158:

    And The Daily Express reports on the mixed responses to Mr Diamond's departure.

     
  93.  
    David Bush

    tweets: #Diamond How can the second least trusted group, politicians, judge the least trusted group, bankers ? The public want a public inquiry.

     
  94.  
    Freddy in Heighington

    emails: Just back from visiting my Barclays branch in Lincoln,where whilst in a queue, I heard front desk staff having to suffer negative customer comments. I feel very sad for these staff who are not on the mega bucks of those who did the 'deals' and of course are in no way connected. We can only hope that those who committed the crimes are indeed prosecuted.

     
  95.  
    1203:

    Mark Kleinman, Sky News city editor, says "the chaos surrounding this morning's resignation of Bob Diamond in the wake of the Libor-fixing scandal cannot be overstated". Read more of his analysis.

     
  96.  
    1207:

    Lord Myners says it's pretty clear that Mr Diamond will be expecting a substantial pay-off - possibly up to £30m.

     
  97.  
    1208:

    He says: "I think his resignation letter is drafted with an eye to that, because he admits no guilt on his part at all. Defining the pay-off is complex because these senior executives get paid in multiple ways.

    "But I think the amount of money - if you include his share options, restricted share rights, matching share options, retained bonuses and pension, life and medical cover - is probably of the order of £20-30m. But the shareholders of Barclays will be expecting the board to ensure that not a penny more is paid to Bob Diamond than that to which he is legally entitled."

     
  98.  
    1209:

    You can listen here to BBC World Service's Have Your Say discussing the resignation of Bob Diamond - is it the right decision?

     
  99.  
    Liz in South Brent

    emails: If the Labour Party are so keen for a judicial inquiry, perhaps they could let us tax payers know how much this would cost? And how many public sector jobs and services could be saved with this money? The only way bankers or anyone will ever change their ways and obey existing laws is by their activities being properly investigated by the police and wrongdoing punished with significant prison terms and fines.

     
  100.  
    1218:

    BBC business editor Robert Peston says Bob Diamond's departure was encouraged by the governor of the Bank of England, Sir Mervyn King, and the chairman of the Financial Services Authority, Lord Turner.

     
  101.  
    1221:

    "This is a case of the governor getting his way by the inflexion of his eyebrows," a source tells our business editor.

     
  102.  
    1221: Dilberta

    comments on the BBC News website: Am I missing something here? This man was apparently in charge when this fraud was committed. He is resigning (presumably because the Barclays board did not have the courage of their convictions to sack him). Why would he be receiving severance pay?

     
  103.  
    1225:

    The potential scale of the scandal is being speculated on by many, including Claire Perry, a Conservative MP who used to work in the City.

    She says: "There are 20 banks, I'm told, under investigation on this particular thing. So, are we going to end up in a position where we're going to lose all our banking heads? It's time actually to step back a bit and really get focused on this inquiry... so this can't happen again."

     
  104.  
    1226:

    Ms Perry adds: "Never has so much been earned by so many for doing so little. There was a failure of moral compass and, crucially, there are no criminal sanctions for this sort of behaviour for directors and financial services activities. That's something that I think we have to have."

     
  105.  
    Richard Hayter in Harrogate

    emails: From MPs' expenses and the cash for honours issue through Leveson and on to the banking scandal, it is severely disappointing to see the lapse in professional standards now endemic in our country. Bob Diamond's resignation was inevitable and should have happened much sooner than it did. To have tried to tough it out was indicative of the shallow morals and standards that now pervade our establishment elite.

     
  106.  
    1229:

    The main political parties are at loggerheads about how best to deal with the Barclays interest rate-rigging row. Labour says it wants a full judge-led inquiry, but the government insists a specially set-up committee of MPs and peers should do the job. So, how do inquiries work and what is going to happen? Find out more from the BBC's Q&A.

     
  107.  
    1232:

    The investment banking industry has been denounced by the chairman of the Financial Services Authority. Lord Turner demanded action to "purge the industry of the culture of cynical entitlement which was far too prevalent before the crisis".

     
  108.  
    1234:

    Conservative MP David Davis says it was right that Mr Diamond resigned, and it would be "wholly inappropriate" for him to get a potential £20-30m payout: "If somebody leaves because they messed up, then they don't get a payoff - they shouldn't get a payoff."

     
  109.  
    1240:
    Barclays headquarters

    It's a grey day in London, and the Barclays headquarters rises among the bank buildings of Canary Wharf.

     
  110.  
    1243:

    "Bob Diamond's trial by ducking stool shows how confused we are about where, precisely, the buck ought to stop", writes Labour commentator Dan Hodges in the Daily Telegraph.

     
  111.  
    James Baird in London

    emails: I am a shareholder in Barclays. With the top job comes great responsibility and great rewards. However, rewards paid partly due to manipulated figures and false profits are completely unacceptable.

     
  112.  
    Gordon Sanderson, Barnsley

    texts: Poor old Bob Diamond! He's lost his job and now has to suffer the penalty of being unemployed with his millions. I hope his luxury holidays aren't too distressing.

     
  113.  
    Brent Tapscott, Sale

    emails: Surely, given the importance of Libor, both the internal and external auditors of the bank should having been checking the accuracy of the rate submissions on a regular basis?

     
  114.  
    1300:

    BBC Radio 4's Martha Kearney is discussing the resignation of Mr Diamond on The World at One now.

     
  115.  
    1302:

    Conservative MP for the Cities of London and Westminster, Mark Field, has told the BBC that he expects more heads to roll following the departure of Mr Diamond.

     
  116.  
    George Cockburn, Chelmsford

    emails: People are suffering from mass hysteria fuelled by politicians spouting all sorts of conflicting statements. Step back,settle down and get the matter sorted within a few days.

     
  117.  
    1304:

    Downing Street indicates that the planned joint committee inquiry into the rate-fixing scandal could widen its remit and examine broader issues about the banking industry.

     
  118.  
    1305:

    The prime minister's official spokesman says: "We want to do this in the next six months. It would be a joint committee of Parliament. And they would be able to take a view on precisely what issues they want to look at. I don't think we could constrain a committee unduly if they wanted to look at specific issue during the course of their inquiry."

     
  119.  
    1306:

    The spokesman says that the banking issue was "precisely the kind of issue that Parliament should be looking at" and argued against a wider public inquiry.

     
  120.  
    1307:

    He says: "I certainly want the inquiry to have cross-party support. What we don't want is a long costly public inquiry. We want an inquiry that can address the issues quickly and allow us to take any action we need to take in the Banking Reform Bill that will be introduced next year."

     
  121.  
    1307:

    The spokesman revealed that the PM spoke to Labour leader Ed Miliband on Monday about the government's planned inquiry but would not give further details.

     
  122.  
    1309:

    The spokesman refused to say what the government would do if Labour boycotted the parliamentary inquiry. He said: "We would hope that all parties would reflect on this issue and support any motion we would table."

     
  123.  
    1309:

    The spokesman also chose not to give the PM's view on the resignation of Mr Diamond: "Senior positions in Barclays Bank are a matter for Barclays and Barclays board. Bob Diamond has made his decision to resign. But it was a decision for Barclays."

     
  124.  
    1333: Peter Moran in Sandbach

    emails: He had to go. I now hope all those, and I mean all, found to have committed these illegal acts are prosecuted. Shareholders as a whole should consider what rights we may have to pursue these people for the real (not paper) losses many of us have suffered. Those of us who retained Barclays shares deserve better. We invested in companies like Barclays for the supposed secure long term prospects a so called Blue Chip Company should provide. Instead our money was gambled away like the Bank was nothing more than a high stakes poker house or it was simply stolen on the pretext of theoretical profits.

     
  125.  
    1334: Neil Mcintosh in Worthing

    emails: The right decision and about time. Too much mud has now stuck and all under his watch to allow him to stay and maintain the confidence of the market, shareholders and customers. Greed is not good and now it is being dealt with as it should have been since 2007. Now we need successful prosecutions with long prison terms and deterrent penalties such as seizure of profits made from such activities or all of this will have been for nothing. That in my view is the only acceptable course of action.

     
  126.  
    1335: C Abbott in Leeds

    emails: It's a disgrace how the media and politicians are persecuting Bob Diamond and Marcus Agius for doing their jobs. We all live in a capitalist society where CEOs and chairmen are employed to make profits for their shareholders. If these regulations allow the rate fixing then the heads of Barclays and the other 20 banks under investigation are not to blame. The FSA and the politicians who set the rules and regulations should be held accountable. Instead of this self-righteous drivel that Cameron and Miliband are delivering to the public.

     
  127.  
    1335: Anonymous in Southampton

    emails: I have worked in Barclays branch banking for over 30 years and I am sickened by this state of affairs. I am forever defending banks to friends, family and customers but this is indefensible. I have not had a cost of living rise in line or above the rate of inflation since 1997 and rely on my customer service incentive to help keep up with the cost of living. I found out in June 2012 that our incentive payments have been made even harder to get and this is the fourth effective pay cut I have had in 3 years. Us little people in branch banking get neglible rewards on top of our base salary but everyday get snide comments from customers that we just have to sit and take. I only hope that the general public and media realise that only the greedy executive fat cats and higher paid city workers get these huge payouts and the normal branch staff are as incensed as the rest of the population.

     
  128.  
    1336:

    Read analysis from the Evening Standard's consumer business editor, Jonathan Prynn: "Bob Diamond ran Barclays with obsessive zeal."

     
  129.  
    Tony Doney-Evans in Queensferry

    emails: I have been a customer for nearly 38 years and for the first time ever I have sat up and wondered is my loyalty as a customer to Barclays justified? If this sort of dishonesty is going on at the highest level of management what other dishonest dealings are taking place that we don't know about? Banks are after all places of trust and when we as customers "place our trust" in banks with our hard earned money maybe my loyalty is misplaced. Time for change I think.

     
  130.  
    1337:

    The Daily Mail looks at why Barclays' share price rises 3% as Mr Diamond's resignation puts an end to uncertainty for big investors. Read more.

     
  131.  
    1337:

    Find out more about Bob Diamond himself by reading a "snapshot" of the banker by the Wall Street Journal's Richard Partington.

     
  132.  
    1338:

    Watch Bloomberg TV analysis of Mr Diamond's departure from Barclays.

     
  133.  
    Sarah Brown

    tweets: Bored of reading about ‪#Bob‬ Diamond. We wanted him to go, he's gone. He has lots of gold to count - that will keep him off the streets.

     
  134.  
    1339:

    What questions does Bob Diamond still have to answer? Find out from the Huffington Post.

     
  135.  
    Marketing Magazine UK

    tweets: As Bob Diamond resigns, is ‪#Barclays‬ on the verge of renewing its £35m-a-year Premier League sponsorship deal? http://bit.ly/LUM5rc

     
  136.  
    Reuters Top News

    tweets: Graph: Barclays share price under Bob Diamond pic.twitter.com/K3uf39bB

     
  137.  
    1340:

    "Behold, the British establishment, panicked." Read analysis from BBC Newsnight's economics editor, Paul Mason, here.

     
  138.  
    Rosario Morabito

    tweets: The CEO of ‪#Barclays‬ resigns. ‪#Diamond‬ aren't forever...

     
  139.  
    Mandeep Khandpur, London

    emails: Mere apologies by the wrongdoers are inadequate. There has to be some punishment in order to set an example and a deterrent for the future. In the US criminal charges have been suggested and the authorities have been more aggressive in pursuing the wrongdoers.

     
  140.  
    1342:

    Speaking on BBC Radio 4, Lindsay Thomas, former director of the Financial Services Authority, says the Bank of England "could not put up with" any confusion - seemingly "put about" by Barclays - over whether it had condoned the manipulation of Libor rates: "I think the govenor would have called Barclays and made it plain that [Mr Diamond's resignation] was what they expected to happen."

     
  141.  
    Jordan Dias

    Message to Politicians at lunchtime: I don't want my taxes to pay for a Banking Inquiry. You want one, you pay for it. ‪#diamond‬

     
  142.  
    1343:

    Commenting on earlier reaction from the head of the FSA, Lord Turner, BBC business correspondent Jonty Bloom says that Mr Diamond's resignation is not the end of the scandal. Our correspondent adds that - not only is there a continuing investigation into 19 banks over Libor, but the FSA also believes that investment banking in the city is riven with contempt for customers. This arrogance of making profit at any expense appears to be endemic, he says.

     
  143.  
    1344:

    One of the bank's major shareholders is George Dallas who is head of corporate governance at F&C, one of the major investors - and therefore shareholders - in British business including Barclays. Mr Dallas says: "We need to be conscious of the fact that it is not about an invdividual or an institution, but it's something we need to contemplate in a broader systemic context ... Libor is the issue now, there are other issues as well."

     
  144.  
    1344:

    "Why the interest rate scandal could bring real change." Read analysis from CNN's Nick Thompson here.

     
  145.  
    1350:

    Labour MP Pat McFadden, a member of Treasury Home Affairs Committee, says Mr Diamond still has questions to answer: "Bob Diamond was scheduled to appear before the committee tomorrow anyway - that hearing will go ahead. There are a lot of things we still want to ask Mr Diamond. There's an appetite in the committee to continue its work in this area, pursuing not only the specific Libor thing, but also the role of the other authorities in this and to question the British Bankers Association, the FSA and so on."

     
  146.  
    Robert Peston Business editor

    updates his blog, suggesting that the failure of Barclays' non-executive directors to have sought the views of the governor of the Bank of England and chairman of FSA on Mr Diamond's position, has created the impression "that this hugely important institution is not in charge of the basics of its destiny".

     
  147.  
    Tony, in Crawley,

    emails: This behaviour is absolutely not in line with regulatory requirements to treat customers fairly. These guys run big personal risks and are more than adequately rewarded for this. They have to live and die by their decisions. Bob appears to have got it wrong, so it is right he goes.

     
  148.  
    Alison Kervin

    tweets: Ironic that Bob Diamond's resignation has created so much interest... Boom, boom. #barclays #bankers #diamond

     
  149.  
    William Pond

    tweets: It really is awful, as a life long customer of Barclays the whole affair has left a very sour taste #bobdiamond

     
  150.  
    Ed Miliband Labour leader
    Ed Miliband

    tweets: It was clear Bob Diamond was not the man to lead the change that Barclays needed, but this is about more than one man http://t.co/2eBgNa7C

     
  151.  
    1404:

    Stuart Fraser, from the City of London Corporation, says the row at Barclays is harming Britain's financial reputation: "What we want is for this to be sorted out as quickly as possible. The damage is certainly there and that's why we want this quickly restored. We need to rebuild the trust. We need to make sure that the City of London is seen as a well-regulated, honest centre for people to do global business."

     
  152.  
    1406:

    More from Lindsay Thomas, formerly of the FSA, on BBC Radio 4's The World at One: "If Barclays didn't, in effect, get rid of Diamond, the working relationship between the Bank of England and the FSA and Barclays would have irretrievably broken down. Well a major clearing bank just can't live with that. It has to have a working relationship with the central bank, and its key regulator."

     
  153.  
    1407:

    Mr Thomas added: "From what I gather, there's not a lot of evidence that Bob Diamond thinks he's done a lot wrong, or thinks he's not the man for reforming the bank. I think he still thinks he is."

     
  154.  
    1407:

    Join the the Mail Online's debate on whether there should now be a public inquiry.

     
  155.  
    1408: The Daily Telegraph's economics editor, Philip Aldrick,

    blogs: "The problem with Bob Diamond was that he never quite got it. He should be celebrated for achieving so much at Barclays ... but ultimately he was a man for a different time."

     
  156.  
    1413:
    Twitter trending

    Bob Diamond a trending topic on Twitter in the UK.

     
  157.  
    1414:

    Listen here to the BBC World Service podcast of World Have Your Say - full of reaction to Bob Diamond's resignation.

     
  158.  
    1414: Keith Mullin, on the International Financing Review,

    blogs about Bob Diamond's achievements: "His departure from Barclays is unlikely to be the end of his involvement with banking. And that's a good thing. To have the industry lose one of its greatest talents would be a tragedy."

     
  159.  
    Paul, in Hampshire,

    emails: For goodness sake what a huge mess. As an ex-employee and a shareholder I am astounded by what has happened and can't believe this can have gone on in what was and probably still is an excellent caring organisation. My thoughts are with those who are in the front line in the retail bank and the back offices who continue to do a great job, without great rewards and yet face the anger of the public on a daily basis.

     
  160.  
    1416:

    David Fleming of the union Unite welcomes Mr Diamond's resignation, but adds those working on the front line at banks in the City are also suffering from the attacks on the banking system: "It's those people that have to be separated out from the kind of risk-takers and old-fashioned 'masters of the universe' that seem to continue to operate unfettered."

     
  161.  
    Joe Lynam BBC Business

    tweets: I've learned that Qatar which owns 6% of Barclays did NOT put Bob Diamond under pressure to resign

     
  162.  
    Gwyn Lewis, in Shrewsbury,

    emails: The continued silence from the FSA is quite deafening, who knew what was happening? If not why not? The FSA are charged with monitoring the banking industry. When did Hector Sants find out about the scandal? Did he know before he resigned as FSA boss? Sants should also be held accountable. A train driver asleep at the wheel while it crashes! Let him join Diamond tomorrow for MPs' questions.

     
  163.  
    Lisa Carnwell

    tweets: Just. Want. To. Punch. Something.... Bob Diamond's pay off is scandalous!! It's given me indigestion. Could I sue?

     
  164.  
    David Romanis

    tweets: Bit predictable about Diamond Bob going - "resigns" also needs inverted commas around it; "encouraged to leave" more likely

     
  165.  
    Melanie Wold The Wold Report

    blogs: "It is a shame that Barclays' Bob Diamond had to resign...but I guess it was only a matter of time before the whole LIBOR thing was rumbled."

     
  166.  
    1435:

    If you're wondering what all the business jargon means when it comes to Libor, leverage, or liability, we have a handy jargon buster for you.

     
  167.  
    1437: Nick Thompson, on CNN.com,

    writes: "The interest rate scandal could bring real change".

     
  168.  
    Robert Peston Business editor

    tweets: Since joining Barclays board in 2005, Diamond has received a few pennies less than £120m (at least) says Manifest

     
  169.  
    Norman Smith Chief political correspondent, BBC News Channel

    tweets: Labour sources playing down prospect of winning Lords vote calling for Leveson style judge led inquiry into banks #diamond

     
  170.  
    1445:

    Data from Manifest, a proxy voting agency, released in June, shows Mr Diamond at the top of the CEO earnings table.

     
  171.  
    1446: Breaking News

    Barclays chief operating officer Jerry del Missier resigns with immediate effect, the bank says.

     
  172.  
    1447:

    Rumours of his departure have been circulating all day, but until now the bank had refused to comment.

     
  173.  
    1448:

    Mr del Missier was one of the executives to give up his bonus after Barclays received the record fine for Libor manipulation.

     
  174.  
    1451:
    Jerry del Missier

    The resignation of Barclays' chief operating officer, Jerry del Missier, is with immediate effect.

     
  175.  
    1453:

    Like Mr Diamond, Mr del Missier has issued a statement on his departure. He says: "My 15 years at Barclays have been a time of great accomplishment, both for me personally and for the bank. I am grateful for the opportunities that were provided to me and proud of what we achieved."

     
  176.  
    1453:

    He adds: "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 ever has been and is incredibly well placed to succeed within the post financial reform competitive landscape."

     
  177.  
    1454:

    "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," says Mr del Missier in his resignation statement.

     
  178.  
    1455:

    Barclays Chairman Marcus Agius, who announced his own resignation on Monday but is in charge until a new chief executive is found, says: "Jerry played a pivotal role in many of Barclays standout successes during the last 15 years, including his extraordinary contributions as part of the leadership team that built the investment bank."

     
  179.  
    1456:

    Mr Agius goes on: "His 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."

     
  180.  
    Adam Mills

    tweets: Bob Diamond disappears, and now COO Jerry del Missier is out the Barclays door, too. Not a great day for British banking.

     
  181.  
    1458:

    Barclays press release revealing the resignation of Chief Operating Officer, Jerry del Missier, can be read here in full.

     
  182.  
    1458:

    In Parliament, the Speaker's Office has confirmed there will be a short Business Statement at 1530 BST in the Commons. It relates to a change in Commons business on Thursday and is expected to provide time for a debate on the banking inquiry.

     
  183.  
    Conrad Africa

    tweets: Barclays COO Jerry del Missier resigns with immediate effect- 3 down, how many still to go?

     
  184.  
    1505:

    Mr del Missier was only promoted to the role of chief operating officer last month.

     
  185.  
    1507: Kimiko de Freytas-Tamura Business Reporter, BBC News

    asks can Barclays bounce back from the rate-rigging scandal that has led to the resignation of Bob Diamond.

     
  186.  
    1508:
    Barclays headquarter

    Changes are afoot in Barclays headquarters in Canary Wharf with the top-level changes.

     
  187.  
    Venezia, in Telford,

    emails: Diamond earns more in 2 seconds than I do in a whole week (based on a 40 hour working week). Is he not paid to know who is doing what in the company he is CEO of! The whole thing makes me very sick.

     
  188.  
    1513: Jon Brain BBC News

    says a reason for this resignation - the third in 48 hours - has not specifically been explained. There is some nervousness at Canary Wharf that at a time when they need strong leadership, the leadership is being stripped away. There is also a sense that a root and branch reform of Barclays' practices is needed.

     
  189.  
    1519:

    MP Steve Baker, a Conservative member of the All-Party Parliamentary Group on Economics, Money and Banking, said it was important to get cross-party support for a parliamentary inquiry into banking institutions and what the law should be.

     
  190.  
    1524:

    "I want to rise above party politics. The situation is far more serious than is generally realised, and we need to get away from personalities, and we need to have a serious, critical bit of thinking into the institutions of banking and how they come to create the incentives which have produced the culture we're now witnessing," Mr Baker tells the BBC.

     
  191.  
    1532:
    Lord McFall

    Lord McFall, on the House of Lords Economic Affairs Committee, says a short, sharp inquiry into banking "will not suffice". Bankers' behaviour needs to change in the long term. "People have got to change themselves," and changes should include the culture, structure, remuneration and incentives in the banking sector. "These are all issues that will take a long time."

     
  192.  
    1535:

    Barclays have published additional information on their corporate website, "in anticipation of Bob Diamond's appearance before the Treasury Committee [on] 4 July, 2012, in the interest of clarity and transparency".

     
  193.  
    1539: Breaking News

    MPs will conduct a debate about banking standards on Thursday, with votes expected on two motions, leader of the house Sir George Young tells MPs in the House of Commons.

     
  194.  
    1540:

    The two motions on which MPs will vote are due to be made public later on Tuesday. The banking standards debate will be the main business in the Commons on Thursday.

     
  195.  
    Tim, in Chelmsford,

    emails: Lets hope this crisis forces Barclays and the other big banks to look at their whole operation, especially the way they deal with customers. If a customer had behaved in this manner they'd receive tough treatment from Barclays but we're supposed to put up with the banking sectors continued disregard for public opinion in case they move operations to another country.

     
  196.  
    Paul, in Bristol,

    emails: Why has Osborne appointed someone who seems to hate banking regulation to chair the inquiry into banking? Andrew Tyrie, Conservative MP for Chichester and chair of the Treasury select committee, co-authored a paper titled Leviathan at Large which was written in response to the Labour government overhauling City regulation with the creation of the Financial Services Authority (FSA). The bulk of the paper is focused on criticising financial regulation, with chapters titled: The risk of over-regulation and The danger of oppressive and arbitrary regulation.

     
  197.  
    1546: Norman Smith Chief political correspondent, BBC News Channel

    says the government wants MPs to rally behind whichever form of inquiry is decided on in the Commons. One option is a full independent public inquiry, as backed by Labour, and the other is a parliamentary inquiry, as desired by the government. He calls Thursday "decision day".

     
  198.  
    1550: Mark D'Arcy Parliamentary correspondent

    blogs that it's unusual for a procedural issue of this kind to be as charged as the disagreement over the form of the banking inquiry has become.

     
  199.  
    1550:

    The parliamentary debate will be at least five hours long.

     
  200.  
    1555:

    Back with Barclays, it has published a nine-page summary of events relating to the Libor rigging scandal, in which it says: "These events should never have taken place, and Barclays deeply regrets that they did."

     
  201.  
    1556:

    Barclays also mentions winning back public trust: "This is the start of a long journey. We are determined that we will earn back that trust. The [Treasury] committee's enquiry will be an important part of that process."

     
  202.  
    1557:

    Barclays' share price has been up and down all day since Mr Diamond left his job. One analyst tells the BBC it is probably a decent bet there will be more removals from the top management.

     
  203.  
    David, in London,

    emails: It is perfectly clear that nothing less than outright nationalisation of all the main banks would be the only way to stop this criminal behaviour which has brought the country to its knees with a finance crisis of such enormous proportions. The whole banking and finance system of Capitalism is completely out of control and all the cant coming from the politicians does not and will not change the situation whilst the Capitalist system remains so powerful. The banks and other big business are the people who run the country not the politicians.

     
  204.  
    1601:

    Tune in to World Have Your Say on BBC World Service at 18:05 BST (17:05 GMT) for a discussion of the responsibilities of CEOs and where blame lies in corporate scandals.

     
  205.  
    1601: Breaking News

    Barclays says Bank of England's deputy governor was involved in discussions with it about high Libor rates in Oct 2008.

     
  206.  
    1610:
    Prime Minister David Cameron

    Prime Minister David Cameron is appearing before the Commons Liaison Committee to talk about the eurozone crisis. We'll let you know if he comments on events in the UK banking sector.

     
  207.  
    1611:

    The Treasury Select Committee announces that its evidence session with Barclays chairman Marcus Agius, currently scheduled for Thursday, has been postponed until next week.

     
  208.  
    Ross Hawkins Political correspondent, BBC News

    tweets: More readable version of that note via FT http://on.ft.com/O0lgNc (relating to Barclays' claims about discussions with Bank of England deputy governor about high Libor rates)

     
  209.  
    1622:

    Barclays chairman Marcus Agius speaks about the departure of Jerry del Missier, to Reuters news agency: "For Jerry, it was a lot of the same motivation [as Bob Diamond] but if you look at the supplementary information you will see that there is reference there that, as a result of what he believed was a genuine misunderstanding, Jerry was the most senior officer who gave instructions to lower Libor rates and that obviously put him in a very difficult position."

     
  210.  
    1622:

    Regarding other banks' involvement in Libor fixing, Mr Agius tells Reuters: "Clearly it appears to be the case that other banks are in a similar position, I don't know that for a fact... And maybe we'll have some further disclosures later on and they will follow us because we went first and I think having come first we certainly have caught a lot of attention, no question about that."

     
  211.  
    1633:

    In our politics team's coverage of the announcement of the debate and votes on the banking inquiry, due to take place in the Commons on Thursday, BBC political correspondent Robin Brant analyses the "briefing and counter-briefing, from Labour and Tory sides" underlying the row over the type of inquiry.

     
  212.  
    1647:

    Barclays' written submission to the Treasury Select Committee suggests that, after a conversation in October 2008 between Mr Diamond and the Bank of England's Paul Tucker, Barclays managers came to believe that the Bank had sanctioned them to lie about what they were paying to borrow when providing data to the committees that set the Libor rate.

     
  213.  
    1648:

    Barclays says: "Subsequent to the call, Bob Diamond relayed the contents of the conversation to Jerry del Missier. Bob Diamond did not believe he received an instruction from Paul Tucker or that he gave an instruction to Jerry del Missier. However Jerry del Missier concluded that an instruction had been passed down from the Bank of England not to keep Libors so high and he therefore passed down a direction to that effect to the submitters."

     
  214.  
    Tom, Stirling,

    emails: The remedy for this must be about more than a resignation, more than one bank, more than better regulation, it's about changing a particularly British culture of treating the average citizen as nothing more than a purse.

     
  215.  
    1703:
    Barclays chairman Marcus Agius

    Barclays chairman Marcus Agius, speaking to BBC business editor Robert Peston, says he will eventually go but does not know when.

     
  216.  
    1704:

    "We want a very good chief executive and we won't compromise on quality," he says on finding a successor to Bob Diamond.

     
  217.  
    1704:

    "The bad behaviour was limited to a small handful of people and I'm appalled by what has happened," he says.

     
  218.  
    1708:
    BBC business editor Robert Peston and Barclays chairman Marcus Agius

    Barclays will carry out a root-and-branch review of all its business practices, Mr Agius tells BBC business editor Robert Peston. "We want to give people the greatest possible comfort on this," he says.

     
  219.  
    1708:

    He describes Barclays as a very important bank to Britain and the search for a chief executive will be wide.

     
  220.  
    1708:

    Back at Parliament's liaison committee, Prime Minister David Cameron tells MPs: "I don't think we've regulated the banks and financial services properly and we've got to sort that out."

     
  221.  
    1717:
    Shadow chancellor Ed Balls

    Shadow chancellor Ed Balls dismisses claims that Mr Diamond was hounded out of his job by MPs, saying there were big errors at Barclays and it was clear he was not the right person to lead the bank.

     
  222.  
    1717:

    Mr Balls questions why the Serious Fraud Office was "slow to act" in investigating banks.

     
  223.  
    1719:

    Asked whether there were signals given to Barclays by Whitehall about Libor rates during the time Labour was in government, Mr Balls says he does not know. "[That's why I want] a full, open judicial inquiry, at arms' length, forensically to ask these questions. Without that we can't have confidence that we are moving forward and sorting out this culture".

     
  224.  
    1721:

    Mr Balls says parliamentary inquiries "don't really have the teeth ... to get to the heart of these issues".

     
  225.  
    1723:

    "Why is the government so afraid of scrutiny in this area they are resisting calls for an open judicial inquiry? What is it that they have to hide?" Mr Balls asks.

     
  226.  
    1727:
    Lord Lawson

    Tory former chancellor Lord Lawson says he welcomes Mr Diamond's departure, but describes Barclays as being "unfairly framed".

     
  227.  
    1728:

    "This was a conspiracy among people in a number of banks. There is no way that any one bank can possibly rig the Libor rate. It is only if you have people in a number of banks conspiring to do it," Lord Lawson says.

     
  228.  
    1736:

    Our business team has written a story on Barclays' disclosure of details of that 2008 telephone call between former boss Bob Diamond and Bank of England deputy governor Paul Tucker, in which Mr Tucker is alleged to have told the bank its setting of the Libor inter-bank rate need not be as high.

     
  229.  
    1741:

    Barclays shares ended 0.8% lower after rising by as much as 4.4% earlier in the day. For a full London market report, read here.

     
  230.  
    1748:
    Bob Diamond

    That concludes our coverage of today's momentous events at Barclays Bank. On Wednesday, a day after his resignation as the chief executive, Bob Diamond appears before the Commons Treasury Committee to answer questions about the Libor fixing scandal. The session is due to start at 14:15 BST (13:15 GMT).

     

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