HEAD HONCHO

Barclays CEO Resigns

Headed the division responsible for false reports.

It was only a matter of time, but just one day after Barclays chairman Marcus Agius stepped down from his post at the British multinational bank, its CEO, Robert Diamond, resigned. Last week, Barclays was called out by U.S. and British regulators for falsifying reports on interbank borrowing rates between 2005 and 2009, and fined $453 million. “The external pressure placed on Barclays has reached a level that risks damaging the franchise—I cannot let that happen,” said Diamond, who oversaw the division that was responsible for much of the fraud. “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 farther from the truth.” Diamond’s resignation will be effective immediately. Agius, the outgoing chairman, will be responsible for finding a replacement for both himself and the CEO before officially leaving as well.