Barclays Top COO resigns the same day TSP restrictions in place !!!

Barclays executive to leave over wrangles

By Jane Croft and Peter Thal Larsen
Thursday May 1 2008 14:10
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Mr Idzik's resignation will further fuel concerns about the charged relationship between Mr Varley and Bob Diamond, Barclays' president and the powerful head of its investment banking and fund management divisions.
He has told colleagues he is stepping down because the changes he helped make to the bank's senior management and corporate structure are largely complete. Barclays is expected to confirm his departure on Friday, although he is not expected to leave until later in the year.
His decision has also been influenced by the bank's failure to win control of ABN Amro, the Dutch bank, which would have represented a significant integration challenge. He will not be replaced as chief operating officer.
However, Mr Idzik - who declined to comment - has also grown frustrated at the complex wrangling in Barclays' upper ranks, in particular the tension between Mr Varley and Mr Diamond.
Mr Idzik, 47, was seen as a powerful unifying force within Barclays and had acted as something of a peacemaker in the past, according to one person familiar with the situation.
Barclays has been beset with speculation about tensions between the two men ever since Mr Diamond lost out to Mr Varley in the race to take over as chief executive in 2003.
But executives have repeatedly sought to play down the rivalry, pointing out that Mr Varley and Mr Diamond have worked closely together for many years. Barclays declined to comment.
Mr Idzik, a former management consultant with Booz Allen & Hamilton, joined Barclays Capital in 1999, before Mr Varley appointed him chief operating officer in 2004.
He has been a colourful and sometimes controversial figure since arriving at Barclays' headquarters. He once jumped over the security gate at the entrance after the July 7 bombings in London to test the bank's security guards and has been known to berate staff who carry items with competitors' logos.
Last week Barclays refused to rule out a rights issue, but stressed it had a range of options to strengthen its capital.
Several analysts have predicted that the bank, which wrote off £1.7bn last year, will have to take substantial additional provisions in its Barclays Capital division. The bank is due to update investors on its performance on May 15.
Rival banks HBOS and Royal Bank of Scotland have taken heavy writedowns on the value of complex debts securities, which has raised questions about whether Barclays will also have to take large writedowns through its profit and loss account.