Less than 24 hours before the resignation of Bob Diamond as chief executive of Barclays, the bank’s chairman was insisting Mr Diamond had the full backing of the board and was the best person to run the bank however this morning Barclays announced the resignation of Bob Diamond as Chief Executive and a Director of Barclays with immediate effect.
His position will not be easily filled, however. Antony Jenkins, head of Barclays’ retail arm and former head of its Barclaycard business, is considered by many in the industry as the likeliest – possibly the only – internal candidate. Mr Jenkins knows Barclays well but is not tainted by the wrongdoing that occurred in its investment banking arm.
However, people who know him well have questioned his credentials as group chief executive given that the investment banking arm still accounts for more than half of Barclays’ profits. Also Mr Jenkins was at the head of the retail business during the mis-selling scandal of payment protection insurance – which has cost Barclays more than £1bn – and some bankers have questioned his technical ability to lead the entire bank.
External candidates include Bill Winters, JPMorgan’s former head of investment banking; Hugo Baenziger, former chief risk officer at Deutsche Bank; Colm Kelleher, a senior executive at Morgan Stanley; and Richard Meddings, finance director of UK bank Standard Chartered.
Bankers believe Bill Winters would be the best qualified.
Source: Financial Times
Tough month for the Di(a)mon(d) family
Well... looks like Barclays might not be so premier after all AM I RITE???
Barclays and everybody else on the Street/City. I doubt he'll be the last to go, pretty much every other major bank CEO has his hands as dirty as Diamond's. The idea that these decisions were being made at a desk level is ludicrous.
Being asked to hand back £20m of his previous bonuses too... lul his life just took a turn.
This would be my response to that
He's also threatening to reveal damaging information about Barclays's dealings, if he is blasted tomorrow during the hearing.
It should be fun.
Accusamus molestiae et ullam repellat nemo nisi consequuntur dolor. Et esse sit repellat voluptate incidunt ex.
Distinctio ut sequi dolores tenetur. Blanditiis fugiat id necessitatibus et. Quod voluptas ducimus similique velit reprehenderit eos. Tempore voluptatum similique culpa dicta explicabo error. Enim aut non rerum error omnis.
Facere occaecati est libero aut quisquam. Non id magnam asperiores perspiciatis aperiam quia. Sed est dolore nemo minima maiores in aut in. Earum sit et quo nihil repellat vero.
Porro suscipit quia consequatur. Omnis aut repudiandae eaque. Aut sapiente et et rerum id officia nihil. Eos voluptas ipsa quam modi accusamus quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...