UK Finance chief Stephen Jones has resigned just days after apologising to staff for sexist remarks made in 2008 about financier Amanda Staveley.
Sky News first reported that Jones had offered his resignation, which UK Finance confirmed had been accepted.
Jones said: “I have apologised to Ms Staveley and to my colleagues for the comments made in 2008 and feel at this time it is right I step down from my role at UK Finance.
“I am very proud of what we have achieved since the formation of UK Finance in 2017.
“Our current work with the banking and finance industry, government, business and consumer groups and regulators to coordinate the provision of financial support during the Covid-19 crisis shows UK Finance at its best”.
Over the weekend Sky revealed that Jones had apologised for the comments, which he had made while an executive at Barclays during the financial crisis.
In a memo, Jones said he could not defend the remarks, understood to have been made as Staveley was negotiating a cash call on behalf of the bank with Abu Dhabi-based funds.
Staveley is suing the bank, alleging that the firm deceived her over higher fees it separately paid to Qatari investors.
The remarks, believed to have been made in internal calls between Barclays executives, may be read aloud in court if Mr Jones is, as expected, called to give evidence next month.
UK Finance chairman Bob Wigley said: “Stephen has rightly acknowledged that the comments he made in 2008 were inappropriate and do not meet the standards expected of leaders in our industry.
“He has characteristically taken a difficult personal decision in the interest of UK Finance and the industry and we accept his decision.
UK Finance is the country’s largest banking lobby group, representing some 250 firms across the industry.
This is a developing story.