Diamond has resigned

vivatifosi

Breaking news. Resigning with immediate effect. No link yet. Can someone please stick one in when they come up as this is very new news and I'm off to work shortly.

Can't say I'm surprised. His job has become completely untenable.

I wonder what will now happen tomorrow with the Select Committee meeting.

molerat

http://www.bbc.co.uk/news/business-18685040

The no doubt gold plated diamond encrusted axe has fallen

armour

Do you think he'll even turn up?

vivatifosi

armour wrote: »

Do you think he'll even turn up?

Possibly not. Which will be a great shame as it was rumoured that if he did he would blow the lid on the cozy relationship with the regulators.

molerat

Does he have a choice ?

.......... and have a special power, which allows them to send for "people, papers and records". This means that in the rare cases where a witness is not willing to do give evidence, the Committee can serve them with an order to attend (or produce papers or records).

I cannot see the frothing dogs letting him off

JonnyBravo

armour wrote: »

Do you think he'll even turn up?

Oh, he'll turn up alright.
He'll turn up and be emphasising the point that Barclays thought they'd been told to do this by the BoE.
It was all a terrible mistake and they'd never dream of doing this without BoE backing. Barclays is an honourable institution you see. :roll eyes:

Nikkster

armour wrote: »

Do you think he'll even turn up?

From BBC News:
' He will still appear before MPs on the Treasury Committee to answer questions about the Libor affair on Wednesday. "I look forward to fulfilling my obligation to contribute to the Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question," Mr Diamond said.'

http://www.bbc.co.uk/news/business-18685040

worldtraveller

Bob Diamond's statement:

"I joined Barclays 16 years ago because I saw an opportunity to build a world class investment banking business. Since then, I have had the privilege of working with some of the most talented, client-focused and diligent people that I have ever come across. We built world-class businesses together and added our own distinctive chapter to the long and proud history of Barclays. 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.

"I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth. I know that each and every one of the people at Barclays works hard every day to serve our customers and clients. That is how we support economic growth and the communities in which we live and work. I look forward to fulfilling my obligation to contribute to the Treasury Committee's enquiries related to the settlements that Barclays announced last week without my leadership in question.

"I leave behind an extraordinarily talented management team that I know is well placed to help the business emerge from this difficult period as one of the leaders in the global banking industry."

Telegraph.co.uk

Carl31

I knew his days were numbered when he said that those responsible for the matter were to blame, not him

I'm not sure how someone could be in his position and not understand how basic corporate hierarchy works

Wookster

vivatifosi wrote: »

Possibly not. Which will be a great shame as it was rumoured that if he did he would blow the lid on the cozy relationship with the regulators.

I heard on Today that he has resigned expressly so that he can spill the beans. The reason he gave was political pressure however he had quite a close relationship with the last Labour government so there maybe a bit of 'hell hath no fury as a spurned banker' in all of this.

kabayiri

I guess we will have to rewrite that classic 'Shine on you crazy diamond'.

"Remember when you were young,
Your face was rarely in the Sun,
Dine on your money mr Diamond,
Now wherever you cast your eye,
Your company is always on Sky,
Dine on your money mr Diamond.

You were caught in the fallout,
From gamblers in pin stripes,
Working market angles with ease,
Come on you target for political laughter,
Come on you banker, you geezer, you martyr, resign!"