BARCLAYS’ newly appointed chief operating officer Jerry del Missier followed his chief executive Bob Diamond and resigned from the bank yesterday in the wake of the interest rate-rigging scandal.
Barclays said he will leave with immediate effect.
He is thought to be the executive mentioned by the FSA as having misunderstood the Bank of England’s thoughts on Libor, which may have led to Barclays fixing their submissions.
Del Missier has for years been a key lieutenant of Diamond, helping him build up the Barclays Capital investment bank, and was appointed COO last month.
“I have every confidence that the board and executive management of Barclays will be successful in executing their plans, and I wish them the best of luck in doing so,” del Missier said in a statement.
Del Missier joined Barclays in 1997 as head of derivatives, moving up the ranks to become co-president of the Barclays Capital investment banking arm in 2005.
The Canadian has also left his post as chairman of the US industry body the Securities Industry and Financial Markets.
RUNNERS AND RIDERS BARCLAYS CHIEF EXECUTIVE
Even given the huge damage Barclays’ reputation has sustained, the frontrunner is an insider. Jenkins is head of retail and business banking and considered a “safe pair of hands” – Paddy Power puts him at evens.
Another prominent internal candidate is the bank’s joint head of corporate and investment banking – the role previously held by ousted chief Bob Diamond. Paddy Power puts his prospects at 8/1.
Roberts, 49, was with Barclays for 23 years before he left in 2006, moving through the second largest Austrian retail bank to Lloyds, where he is currently deputy chairman. Paddy Power offers 14/1 on his candidacy.
Paddy Power had Hoffman at 8/1, but his odds have been reportedly driven down by a huge volume of bets. Hoffman became chief executive of Northern Rock in 2008 and claims responsibility for its “rescue, stabilisation and restructuring.”
Winters, former joint chief of the European arm of JP Morgan, is a frontrunner with odds at 4/1. As an outsider and a framer of the new Vickers banking regime, he may be well placed to rebuild Barclays’ tarnished image.
Currently finance director at the bank, Paddy Power has Lucas as the second favourite, with odds for 3/1. Previously he was UK head of financial services, and global head of banking at PricewaterhouseCoopers.
City A.M. Reporter