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Barclays chief executive resigns

The chief executive of Barclays Bob Diamond has resigned with immediate effect.

This news comes days after the bank was find a record £290 million for attempting to manipulate inter-bank lending rates.

In a statement outlining his resignation, Mr Diamond said: “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.”

Mr Diamond is set to appear before MPs on Wednesday to answer questions about the Libor affair.

The former chairman Marcus Agius, who stepped down on Monday, is set to take over running of the bank until a suitable replacement is found.

Chief secretary to the treasury Danny Alexander supported Mr Diamond’s decision.

He commented: “There are many questions to be answered about the rate fixing and Barclays will have to answer many of those questions.

“This is the right decision. Responsibility has been taken in the right way. Hopefully this will help Barclays to establish the right culture in the future.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .