Barclays’ COO resigns after 1 week

Barclays’ COO resigns after 1 week

LIBOR-fixing scandal sees resignation of second executive, after CEO Bob Diamond's departure

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Barclays’ newly-appointed chief operating officer (COO), Jerry del Missier, resigned yesterday in the wake of the LIBOR-fixing scandal that has emerged at the bank.

Del Missier was appointed to the new role of COO, which included IT responsibilities, just over a week ago on 25 June. At the time, Barclays said that the new appointment would help it meet new regulatory requirements, such as those related to ring-fencing.

He was promoted from his role as co-chief executive of Barclay’s corporate and investment banking division, a role he had filled since 1 October 2010, with Rich Ricci.

Last year, del Missier was revealed to be the highest paid senior executive at Barclays, earning a salary and bonus of £14.3 million in 2010. Including shares, his pay package was worth £47.3 million in total.

He joined Barclays Capital in 1997, prior to which he held senior technology, finance and front office positions at the Bank of Boston and the Bank of New England.

In a statement, del Missier said: “We built one of the premier global investment banks from scratch – something that we are all very proud of. The firm is as strong today as it has ever been and is incredibly well placed to succeed within the post-financial reform competitive landscape.

“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.”

Barclays chairman Marcus Agius added: “[Del Missier’s] 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.”

A replacement COO has not yet been named.


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