Timeline: Bob Diamond's downfall

Barclays chief executive Bob Diamond has resigned Credit: PA Wire

Here is a timeline of events leading to Bob Diamond's resignation as Barclays chief executive:

Wednesday 27th June:

  • Barclays pays £290 million to settle claims that it used underhand tactics to try to rig financial market

  • The penalties from UK and US regulators, including a record £59.5 million fine from the Financial Services Authority (FSA), follow allegations it manipulated Libor and Euribor interbank lending, which govern the rates at which banks are prepared to lend to each other in the wholesale money markets.

  • Chief executive Bob Diamond, who was in charge of Barclays Capital at the time the breaches occurred between 2005 and 2009, apologises and says he and three other key executives would waive their bonuses for this year

Thursday June 28:

  • After fining Barclays, the FSA is investigating several other lenders including HSBC and taxpayer-backed Royal Bank of Scotland.

  • Serious Fraud Office investigators are in talks with the FSA over the scandal while pressure is mounting on Mr Diamond to stand down.

Friday June 29:

  • A fresh mis-selling scandal caps a nightmare week for the banking industry, as the FSA announces it has found "serious failings" in the sale of complex interest rate hedging products to some small and medium-sized businesses

  • It reaches agreement with Barclays, HSBC, Lloyds and RBS to provide appropriate compensation where mis-selling occurred.

Saturday June 30:

  • An urgent independent review into the inter-bank lending rate is to be set up by the Government in the wake of the interest rigging scandal.

  • The review will consider the future operation of the Libor rate and the possibility of introducing criminal sanctions, a Treasury source says.

  • Mr Diamond is summoned to appear before the Treasury Select Committee next Wednesday.

Sunday July 1:

  • Barclays Bank chairman Marcus Agius is reported to be on the brink of stepping down.

  • The development comes as Business Secretary Vince Cable backs calls for a criminal investigation into bankers involved in the affair.

Monday July 2:

  • Barclays Bank chairman Marcus Agius resigns.

Tuesday July 3:

  • Mr Diamond announces he is stepping down with immediate effect.