Barclays: Bob Diamond Resigns as CEO with Immediate Effect

Tuesday, 3 Jul 2012 | 2:40 AM ET

"I am a little surprised at the timing of this as we got through the weekend and the pretty awful publicity and the attacks on Bob Diamond but I think there has been a discussion on the board that this has started to have a major impact on confidence in Barclays and they want to restore the reputation," Chris Wheeler, bank analyst at Mediobanca, told CNBC.