Barclays chief operating officer (COO), Jerry del Missier, has quit as the bank is rocked by the impact of the LIBOR-fixing scandal over the last few days.
Del Missier, whose duties include IT responsibilities, took over the role on 25 June. His appointment was intended to help the bank meet new regulatory requirements, such as those related to ring-fencing, according to Barclays.
Del Missier was previously co-chief executive of Barclay’s corporate and investment banking division, a role he shared with Rich Ricci. He had held this position since 1 October 2010, .
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.”
Last year, del Missier was believed to be one of the highest paid senior executives at Barclays. His a salary and bonus of £14.3 million in 2010. The total pay package was worth £47.3 million in total, when his share package is factored in.
Prior to joining Barclays Capital in 1997, Del Missier worked at the Bank of Boston and the Bank of New England, where he held senior technology, finance and front office positions.
Barclays chairman Marcus Agius said 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.”
No replacement for him has been announced as yet.
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