Barclays Bank CEO Quits In Wake of Interest Rate Fixing Scandal
Diamond is not the first prominent, wealthy banker to infuriate Britons since the financial crisis started five years ago. And he has the comfort of not being the most reviled -- that dishonor falls to Fred "The Shred" Goodman, the CEO who led Royal Bank of Scotland to near-ruin and an eventual taxpayer-bailout after it outbid Barclays to take over Dutch bank ABN Amro.
Goodman resigned, taking away $25 million in pension benefits. In January, following another public outcry, the government stripped Goodman of his knighthood.
Diamond's resignation comes just a day after Barclays Chairman Marcus Agius announced his intention to resign Monday. Though Agius said the buck stopped with him, there was no let up in demands for Diamond to quit too. He was after all the man in charge at the investment banking division at the heart of the scandal at the time.
Diamond leaves Barclays a bigger beast than before -- he led Barclays in scooping up the remains of Lehman Brothers' U.S. operations at a bargain price of $1.35 billion in 2008.