In a move that has incited wide-spread talk of trouble at the top of Britain’s third largest bank, a senior Barclays executive, Paul Idzik, has unexpectedly stepped down from his post. His resignation has been rumoured to be due to Mr. Paul Idzik’s mounting frustrations due to the differences between chief executive officer, Mr. Varley and Bob Diamond, who is the bank’s president and the head of its investment banking division.

Mr. Idzik has been a fixture with the bank for nine years and has played an integral part in Mr. Varley’s endeavour to reform the bank’s culture and management. Barclays is already sailing through troubled water. The bank has been subjected to increasing criticism from its shareholders due to the steep drop in profits in its investment arm Barclays Capital, as a consequence of the credit crunch. This has lead to a widely acknowledged notion that Barclays may have to resort to a rights issue in order to raise extra cash from its investors to tide over its financial troubles.

Mr. Varley has appreciated the efforts Mr. Idzik has made for the betterment of the bank. Barclays maintains that Mr. Idzik’s resignation is not the sign of trouble a-brewing among the top brass, but rather just an individual’s yearning for a new challenge, now that he has completed all he had set out to do at Barclays.

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