Business Bites: What does Diamond's departure mean?

The chief executive of Barclays Bank, Bob Diamond, has resigned with immediate effect.

The move comes less than a week after the bank was fined a record amount for trying to manipulate inter-bank lending rates.

Mr Diamond said he resigned as external pressure on the bank risked "damaging the franchise" - but the BBC has learned that the resignation was encouraged by the governor of the Bank of England, Mervyn King, and the chairman of the Financial Services Authority, Lord Turner.

The BBC's Aaron Heslehurst discusses the key financial stories of the day.