Ever since Bod Diamond resigned due to the Libor scandel, Braclays for all intensive purposes has been without a boss. They were effectively in the same situation back in 1998 when Martin Taylor quit over a disagreement in strategy.
Where back in 1998 the bank actually did very well, retails bank profits raising by nearly 17%, this however is unlikely to be the situation this time around.
The business has massively changed since 1998 and now is not the time to be doing business without a chief executive. The market has changed too, Barclay have increase the income from investment banking by 500%.
Whoever does end up filling his shoes has one hell of a job ahead of them. Diamond target for last year was to produce a return of 13% which he only achieved 7.5%.