03.07.2012
By Simon Miller
Barclays' chief operating officer Jerry del Missier has resigned with immediate effect, the bank confirmed this afternoon.
Following rumours all morning, del Missier is the latest out of the door following the resignation of Bob Diamond after the bank received UK and US fines for the manipulation of the Libor and Euribor rates.
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
In a statement, del Missier commented: "My 15 years at Barclays have been a time of great accomplishment, both for me personally and for the bank. I am grateful for the opportunities that were provided to me and proud of what we achieved. We built one of the premier global investment banks from scratch – something that we are all very proud of. The firm is as strong today as it ever has been and is incredibly well placed to succeed within the post financial reform competitive landscape.
“I have every confidence that the Board and Executive Management of Barclays will be successful in executing their plans, and I wish them the best of luck in doing so."
Barclays chairman, Marcus Agius said: "Jerry played a pivotal role in many of Barclays standout successes during the last 15 years, including his extraordinary contributions as part of the leadership team that built the investment bank. His many contributions to the firm were critical to why Barclays was able to weather the extreme market turbulence of the credit crisis as well as we did. His colleagues, clients and other stakeholders hold him in the highest regard.”
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