Have a nose around some of the most weird and wonderful houses currently available on the UK market
Diamond quits amid rate-rigging row
Bob Diamond has quit Barclays after the bank was fined 290 million pounds by UK and US regulators
Barclays chief executive Bob Diamond has resigned with immediate effect as the controversial banker admitted the rate-rigging scandal threatened the bank's future.
The American, who has worked for Barclays for 16 years, buckled under pressure to step down from politicians, shareholders, financial campaigners and former directors.
Chancellor George Osborne, who had unveiled a parliamentary probe into banking standards, welcomed the move as the "right decision" for the bank and for the country.
Despite mounting calls for his departure, Mr Diamond's exit came as a shock as he had showed no signs of leaving his position after pledging to see an internal review through to the end.
Barclays has been at the centre of a gathering storm over banking ethics after it was last week fined £290 million by UK and US regulators for manipulating the Libor, the rate at which banks lend to each other. Chairman Marcus Agius, who resigned over the affair on Monday, will remain with the bank to lead the search for a new chief executive before stepping down at a later date.
Mr Diamond, who was once dubbed the "unacceptable face of banking" by Lord Mandelson, was in charge of the bank's investment arm, Barclays Capital, when staff attempted to influence the key interbank lending rate.
However, the 60-year-old, who confirmed he will still appear before the Treasury Select Committee on Wednesday, remained defiant in his resignation statement: "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. My motivation has always been to do what I believed to be in the best interests of Barclays."
Barclays' shares fluctuated wildly after the announcement as investors weighed up the shock decision. Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: He went on: "Discussions at the Treasury Select Committee should throw some light on the internal turmoil at the bank, while it remains to be seen whether Barclays will eventually end up with some credit in being the first to hold its hand up over the Libor investigations."
Barclays said Mr Diamond's severance package was "still under discussion". The bank's most recent remuneration report, for 2011, said executive directors are entitled to a notice period of 12 months and payment in lieu of notice in instalments. This means Mr Diamond could be entitled to a full year's salary, which in 2011 was worth £1.4 million.
Barclays refused to comment on reports that chief operating officer Jerry del Missier, who was co-president of the bank's investment arm Barclays Capital at the time of the Libor-fixing claims, is also set to resign. Mr del Missier took up his current position in June 2012 after spending three years as co-chief executive of corporate and investment banking.
related stories on msn
I can't believe that you pay so much to a men who knows so little.
If this men walks with a large pay of, then I'll stop Banking with Barclays, and I wish that more customers would do the same. Maybe it send a signal to all Banks. United the customer have a lot of power. Lets use it.
Who was the Government in Charge at the the time What did they have to do with it
Who were the Men in Whitehall that was pushing the that Tucker boy.
Why was he pointing out that the rate was higher in Barclays
And the rate was Lower at other banks and what did he expect to happen after that sort of comment
was this the way to move things their way but not ask outright for Barclays to drop the rate with the others so covering themselves and giving them a way out if the S**t hits the fan.
Why did RBS sack some people in 2008 what were they caught doing.
Why are we only finding out now Who swept this under the carpet
Lots of Questions lets not hang one company before we have cleared all others
I think we are killing the messenger not waiting for the full report
I would like to have a bet the higher ups are waiting for the knock on their door
That could be are MP's Treasury boys lots of pressure from those in charge at the time.
more on msn money
msn money poll
Which of these financial mistakes have you made most often?
Thanks for being one of the first people to vote. Results will be available soon. Check for results
- Accidentally giving wrong information on a credit application
- Forgetting to make a repayment on time
- Making multiple credit applications in a short space of time
- Not checking your credit report before applying for new credit
- Not staying within your agreed credit limits
- Taking on too much credit that you’ve then found hard to manage
- Forgetting to sever financial links with a previous partner
- Not having enough of a credit record