After chairman, CEO, Barclays COO Missier quitsReported by Deccan Herald on Tuesday, 3 July 2012 (on July 3, 2012)
*Barclays Plc's chief operating officer Jerry del Missier today become the third top executive to resign in the wake of the British banking major embroiled in a global interest rate manipulation scandal.*
He joins Barclays chief executive officer Bob Diamond and chairman Marcus Agius who have already resigned.
The top management has come under intense pressure, including political, after the Barclays was slapped with 290 million pound (USD 451 million) fine by the US and the UK authorities to settle the charges of manipulating global benchmark lending rates.
In a statement today, Barclays said Missier has resigned from the company.
"My 15 years at Barclays have been a time of great accomplishment, both for me personally and for the bank," Missier said.
Earlier in the day, the resignation of Diamond -- who has served as the company for 16 years -- was announced by Barclays.
"...the external pressure placed on Barclays has reached a level that risks damaging the franchise - I can not let that happen," Diamond said, adding that he was "deeply disappointed by the impression created by last week's events".
Barclays said Agius would stay in his position until the hunt for a chief executive is completed. He would chair the Barclays Executive Committee pending the appointment of a new Chief Executive. He would be supported in discharging these responsibilities by Deputy Chairman Michael Rake.
"The search for a new Chief Executive will commence immediately and will consider both internal and external candidates. The businesses will continue to be managed by the existing leadership teams," Barclays said.
Last week, Barclays had agreed to pay 290 million pounds worth penalties to the US and the UK authorities towards settling charges of attempting to manipulating Libor and Euribor rates, the global benchmark rates for lending.
Libor is based on rate submissions from a relatively small and select panel of major banks, including Barclays, and is calculated and published daily for several different currencies by the British Banker's Association (BBA).
Generally, it reflects the cost of borrowing unsecured funds in the London interbank market.
Euribor, also calculated in a similar manner, measures the cost of borrowing in the Economic and Monetary Union of the European Union.
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