Storify Feed Feedburner Facebook Twitter Flickr Youtube

ROS Lboard

Barclays bank chief executive Diamond resigns

July 3, 2012
UPDATED

LONDON: Barclays chief executive Bob Diamond has resigned with immediate effect over a rate rigging scandal at the British banking giant, the company said today.

“Barclays today announces the resignation of Bob Diamond as chief executive and a director of Barclays with immediate effect,” the bank said in a statement to the London Stock Exchange.

US national Diamond added in the statement: “The external pressure placed on Barclays has reached a level that risks damaging the franchise – I cannot let that happen.”

Diamond’s resignation follows that of the bank’s chairman Marcus Agius yesterday and as the bank faced possible criminal prosecution in a scandal that has sullied London’s image as a financial centre.

Britain’s Serious Fraud Office yesterday announced that it was considering whether it was “appropriate and possible to bring criminal prosecutions” over the issue, adding that it hoped to reach a conclusion within a month.

British Prime Minister David Cameron also announced a parliamentary inquiry into the revelations that Barclays traders had lied about the interest rates other banks were charging it for loans.

The scandal, which might implicate other international banks, concerns manipulation of the Libor and Euribor rates which play a key role in global markets, affecting what banks, businesses and individuals pay to borrow money.

- AFP

ALSO READ:

Barclays boss under pressure as bank inquiry launched


Comments

Readers are required to have a valid Facebook account to comment on this story. We welcome your opinions to allow a healthy debate. We want our readers to be responsible while commenting and to consider how their views could be received by others. Please be polite and do not use swear words or crude or sexual language or defamatory words. FMT also holds the right to remove comments that violate the letter or spirit of the general commenting rules.

The views expressed in the contents are those of our users and do not necessarily reflect the views of FMT.

Comments