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“It’s the right decision for Barclays, it’s the right decision for the country; we need Barclays to be focused on lending,” Osborne told BBC Radio 4’s “Today” program. “I hope it’s the first step towards a new culture of responsibility in British banking.”

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Osborne again rejected calls from Labour for a judicial inquiry into wrongdoing at banks. Finance “is an incredibly important industry,” he said. “It’s Britain’s largest private- sector employer. What we don’t need is its reputation tarnished, navel-gazing over these scandals. We know what went wrong, now we’ve got to fix it.”

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http://www.reuters.com/article/2012/07/0....
Tue Jul 3, 2012

Barclays' newly appointed Chief Operating OIfficer, Jerry del Missier, is set to follow his Chief Executive Bob Diamond and resign from the bank, a source familiar with the matter told Reuters.

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*DJ Barclays: Del Missier Concluded He had instruction From BOE To Lower Libor

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http://www.telegraph.co.uk/finance/newsb....
03 Jul 2012

Jerry del Missier, the co-head of Barclays investment bank who was recently promoted to chief operating officer, has resigned with immediate effect, the bank said.

It is understood that Mr del Missier was the senior manager who misinterpreted the comments of chief executive Bob Diamond after he came off a call in October 2008 with Paul Tucker, Deputy Governor of the Bank of England.

Due to that misinterpretation, Me del Missier told staff that they had been instructed by the Bank to deliberately lie about their Libor submissions.

The Financial Services Authority revealed the communication after Barclays was fined a total of £290m for manipulating the inter-bank lending rate Libor.

The FSA said: “As the substance of the telephone conversation was relayed down the chain of command at Barclays, a misunderstanding or miscommunication occurred.

“This meant that Barclays’ submitters believed mistakenly that they were operating under an instruction from the Bank of England (as conveyed by senior management) to reduce Barclays’ Libor submissions.”

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Sources said that the move had been a surprise because Mr del Missier was a trader rather than operations man. His fellow co-head, Rich Ricci, was the operations expert.

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Sign On You Crazy Diamond

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16.12 Barclays says it had 13 "principal documented contacts" with FSA on Libor submissions in 2007/2008, 12 with NY Fed and two with Bank of England.