Will we eventually see U.S. bank CEOs resign?
Fat, f-ing chance.
Still it's nice to see the corrupt fail... if only fleetingly.
Massive fraud is usually not this funny:
Chief Executive Bob Diamond resigned Tuesday, caving in to intense political and investor pressure following an interest-rate setting scandal.
The move follows the decision by Barclays Chairman Marcus Agius to quit and effectively leaves one of Europe's largest banks without leadership. Barclays said that Mr. Agius will stay on at the company until the hunt for a new chief executive is completed.
The CEO's departure comes one day before he will face tough questions from the U.K.'s Treasury Select Committee over the interest-rate scandal. A spokesman for the bank said Mr. Diamond would still appear before the committee.
Mr. Diamond's departure marks a victory for the U.K.'s political establishment, which has long complained about the bank's management culture. On Tuesday, U.K. Chancellor George Osborne hailed the move.
"I think it's the right decision for Barclays; I think it's the right decision for the country because we need Barclays bank to focus on lending to our economy and not distracted by this argument about who should be in charge," said Mr. Osborne on BBC radio. "I hope it's a first step to a new culture of responsibility in British banking."
DAVOS - Bob Diamond on the Future of Financial Regulation with Maria Bartiromo