Barclays Chief Executive Bob Diamond has announced his resignation this morning with immediate effect, over an interest rate-rigging scandal.
He is the highest-profile victim so far in a probe that spans a dozen major banks across the world. This follows the resignation on Monday of the Chairman, Marcus Agius. After the chairman's resignation, politicians and shareholders continued to call for the chief executive's resignation. Agius will however temporarily take over the running of Barclays until a replacement is found.
In a statement released by Mr Diamond he said 'I am stepping down because the external pressure on the bank risked "damaging the franchise'
The move comes less than a week after the bank was fined a record amount by regulators in the UK and US for trying to manipulate inter-bank lending rates. Which underpin trillions of pounds worth of financial transactions. Prime Minister David Cameron has launched an inquiry into banking standards, describing the rigging of Libor rates as "a scandal".
Mr Diamond will however still appear before MPs on the Treasury Committee to answer questions about the Libor affair on Wednesday.
Written and Presented by Ann Salter