Barclays has finally got the order of resignations the right way round. Bob Diamond’s departure – and the temporary restoration of Marcus Agius as chairman, a day after announcing his own exit – hands the can to the man who should have carried it in the first place.
As I wrote in my column on Monday, after Mr Agius said he would go, the resignation of the chairman didn’t mean Mr Diamond had “dodged the bullet aimed at both of them”.
Yet I still think there is worrying evidence that Barclays senior directors are in denial. In ringing the wagons against outside attack, they seem to be pursuing the line that talented individuals have been laid low by external “events” – the word used in Mr Agius’s resignations statement (now rescinded). Read more