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Barclays Bob Diamond

Barclays chief executive resigns after PR crisis

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By Jennifer Faull, Deputy Editor

July 3, 2012 | 1 min read

Following the inter-bank lending rates scandal which hit Barclays, chief executive Bob Diamond has resigned with immediate effect.

The decision comes after mounting pressure for his departure after it was revealed Barclays, who were fined £290 million, had tried to manipulate Libor and Euribor, the interest rates at which banks lend to each other, which underpin trillions of pounds worth of financial transactions.

The move follows the resignation of chairman Marcus Agius, who had announced his decision to resign on Monday, but who will now take over the running of Barclays until a replacement is found.

Diamond was one of the UK's highest paid chief executives, earning £20m last year and in a statement released this morning he stated: "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. The external pressure has reached a level that risks damaging the franchise – I cannot let that happen."

Barclays Bob Diamond

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