03.07.2012
By Simon Miller
Barclays' chief operating officer Jerry del Missier could become the latest senior executive to resign from the bank in the wake of the Libor scandal according to reports.
Following Bob Diamond's resignation this morning, del Missier has reportedly become the latest to walk after the bank received UK and US fines for the manipulation of the Libor and Euribor rates, however, Barclays refused to comment on the rumoured resignation.
del Missier joined Barclays in June 1997 as head of derivatives and went on to assume responsibility for Trading, Sales and Research. He was appointed co-president of Barclays Capital in 2005 and appointed president in 2008. In 2009. he became co-chief executive of Corporate and Investment Banking, and assumed his current position in June 2012.
Meanwhile, commenting on Diamond's resignation this morning, CBI director-general John Cridland said:“Bob Diamond has made his own decision that it is the right thing to do to resign as Barclays’ CEO. The focus now must be to urgently restore confidence in the banking system. This is vital if Britain’s businesses are to get the banking services they need to grow the economy.”
He added that Libor should be set on real market data and independently regulated, banks’ internal controls must be strengthened to underpin a necessary change in culture, and individuals needed to be held to account where appropriate.
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