So this morning Barclays Chairman Marcus Agius resigned as a result of the latest 'trust' issue concerning our high street banks. Will his be the only resignation connected to this issue? Only time will tell.
All eyes will certainly be on CEO Bob Diamond when he appears before the House of Commons Treasury Select Committee on Wednesday, though you do wonder whether this issue is restricted to Barclays alone, or whether it might just be the tip of a very large iceberg within the broader banking industry.
This story has been allowed to grow and develop over the last five days with Barclays seemingly unable take control and manage the media attention. For a company with the size and profile of Barclays this is surprising.
And whilst the issue may be a complex one, the basic rules of the game remain the same:
1. If you've done something wrong, say sorry - a little remorse goes a long way (something comedian Jimmy Carr demonstrated to great effect last week).
2. Fix the problem and fix it quickly. Demonstrate that you're in control. If you say it won't happen again, show how you're going to make sure it'll never happen again.
3. Show leadership and personality. People want to know that someone is in charge, and they want to trust that person. Having a senior business leader as a constant source of updates and communication is vital.
How this story plays out over the next week or so is uncertain. What is certain, however, is that the story will continue to run, thanks to Bob Diamond’s select committee appearance on Wednesday, followed by Marcus Agius’s turn on Thursday. How Barclays handles it will also come under severe scrutiny by the media commentators.