[ by Melanie Gretchen ] Barclays CEO Bob Diamond Jr. stepped down on Tuesday, amid pressure from politicians and shareholders after the bank $450 payment to settle accusations that it had tried to manipulate key interest rates for its own benefit.  Until his replacement is named, former chairman Marcus Agius, who resigned on Monday, will head the executive committee, supported by Michael Rake, the bank's deputy chairman. Effectively immediately, Mr. Diamond's resignation was driven by the former CEO's effort to avoid prolonged scrutiny on the bank's past, according to a person with direct knowledge of the matter.  [CI Note: What would further examination find?  See Behind the News story, "Behind the Resignation of Barclays' CEO".]  The person spoke on the condition of anonymity because the discussions were private.

"My motivation has always been to do what I believed to be in the best interests of Barclays.  No decision over that period was as hard as the one that I make now to stand down as chief executive. The external pressure placed on Barclays has reached a level that risks damaging the franchise. I cannot let that happen." -- Mr. Diamond, in a statement.

Resignation Trend. The American-born Mr. Diamond joins the executives resigning from the firm in response to outside pressure.  Jerry del Missier, who was promoted to Barclays' COO last month, left on Tuesday with immediate effective as part of the shake-up following the London InterBank Offered Rate (Libor) rate manipulation scandal.  Prior to his departure, Mr. del Missier was also co-president of Barclays Capital, the firm's investment banking unit, between 2005 and 2008, and become co-chief executive of corporate and investment banking at Barclays in 2009. Following the scandal, Prime Minister David Cameron had called on individuals within the bank to take responsibility.  In a letter to Barclays employees on Monday, Mr. Diamond expressed disappointment and anger regarding the bank's past attempts to manipulate key interest rates. "I am disappointed because many of these behaviors happened on my watch." For further details, go to [Dealbook, 7/3/12].