There was turmoil at the top of Barclays (LON:BARC) this afternoon with a second resignation of the day.
After the shock departure of chief executive Bob Diamond, announced this morning, his second in command, Jerry Del Missier, has quit this afternoon.
It leaves the banking group, which has been widely condemned for its role in the interest rate fixing scandal that has rocked the London markets, in a perilously unstable position.
And if it hadn’t been for chairman Marcus Aguis’ decision to stay on to find a successor for Diamond, Barclays might have lost its three most influential figures in the space of a day and a half.
Agius said: "Jerry played a pivotal role in many of Barclays standout successes during the last 15 years, including his extraordinary contributions as part of the leadership team that built the investment bank.
“His many contributions to the firm were critical to why Barclays was able to weather the extreme market turbulence of the credit crisis as well as we did. His colleagues, clients and other stakeholders hold him in the highest regard."
Earlier in a tumultuous day Diamond bowed to mounting pressure political pressure and resigned as chief executive.
The American, who has been with the group for 16 years, said he was stepping down because the pressure placed on Barclays had reached a level that “risks damaging the franchise”.
His exit follows Barclays’ record fine for attempting to manipulate the interest rate market, which has widened to implicate other City institutions including the Bank of England and has prompted a parliamentary probe.
Diamond said: “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 further from the truth.
“I know that each and every one of the people atBarclays works hard every day to serve our customers and clients.
“That is how we support economic growth and the communities in which we live and work.”
He was due to appear in front of the Treasury Select Committee in the wake of the revelation and signaled he will still attend, saying “I look forward to fulfilling my obligation”.
Last week, Barclays was fined £290 million by regulators in the UK and US for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other.
The Serious Fraud Office is also considering whether to bring criminal charges.
Chairman Agius announced his resignation yesterday, but politicians and investors continued to apply pressure for the chief executive's resignation.
Diamond said this morning: "I joined Barclays 16 years ago because I saw an opportunity to build a world classinvestment banking business.
“Since then, I have had the privilege of working with some of the most talented, client-focused and diligent people that I have ever come across.
“We built world class businesses together and added our own distinctive chapter to the long and proud history ofBarclays.
“My motivation has always been to do what I believed to be in the best interests of Barclays.
“No decision over that period was as hard as the one that I make now to stand down as chief executive. The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen.”
Shares fell 1 per cent to 166.8 pence on news of Del Missier’s departure.