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.

Live text

Reporting:

  • Lucy Wilkins 
  • Holly Wallis 
  • Stephen Robb 

Last updated 3 July 2012

STANDARD 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.

STANDARD 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.

STANDARD 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.

STANDARD 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."

STANDARD 0905

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

STANDARD 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."

STANDARD 0906

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

STANDARD 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.

STANDARD 0908

Bob Diamond, former chief executive of Barclays

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

STANDARD 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."