Bloodbath at Barclays continues (From The Oxford Times)
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Bloodbath at Barclays continues
3:06pm Tuesday 3rd July 2012 in National News © Press Association 2013
Bob Diamond has quit Barclays after the bank was fined 290 million pounds by UK and US regulators
The bloodbath on the Barclays board continued as its chief operating officer Jerry del Missier followed chief executive Bob Diamond out of the door.
Mr Diamond and Mr del Missier, who both worked together at the bank's investment arm Barclays Capital between 2005 and 2008, have been forced out in the wake of the rate-rigging scandal.
Mr del Missier, who was only promoted to his current role last month, but has been with the bank for 15 years, said he had every confidence that the board will be "successful in executing their plans". His resignation came shortly after Mr Diamond quit amid increasing pressure from politicians, shareholders, financial campaigners and former directors.
Meanwhile, it emerged MPs will vote on Thursday whether to set up a Leveson-style inquiry on banking.
The Commons will decide whether to endorse David Cameron's plan for a committee of peers and MPs to investigate the issue or opt for the full judge-led investigation demanded by Labour leader Ed Miliband. Commons leader Sir George Young announced the debate and vote in a statement to MPs.
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 attempting to fix the key interbank lending rate.
Mr Diamond, who also resigned with immediate effect, will reportedly be asked to give up nearly £20 million in unvested shares awarded to him in previous years. Alison Carnwarth, chairman of the remuneration committee, will ask Mr Diamond, who was awarded a total of £17.7 million in 2011 alone, to hand back the bonuses, Sky News said.
The speculation comes after proxy-voting and corporate governance service firm Manifest estimated Mr Diamond had earned at least £120 million since joining Barclays' board in 2005.
Mr del Missier took up his current position in June 2012 after spending three years as co-chief executive of corporate and investment banking.
In his most recent role, Mr del Missier was responsible for overseeing the construction of a ringfence around the bank's retail arm, separating it from the investment division, as proposed by the Independent Commission on Banking last year.
