Barclays Bank CEO Bob Diamond announced his resignation on Tuesday after mounting pressure for him to step down following a scandal that has plagued the major UK bank recently regarding manipulation of interest rates.
Regulators imposed a record fine of GBP 290 million, approximately $455 million, for attempted manipulation of LIBOR rates on which trillions of dollars of transactions were based.
In a statement Diamond said that “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 placed on Barclays has reached a level that risks damaging the franchise. I cannot let that happen.”
Diamond became CEO of Barclays on January 1, 2011 after joining the bank in 1996.
Meanwhile, Marcus Agius, had who recently stepped down as chairman , will retake the post at the head of the board and lead the search for a new CEO.