Barclays CEO Resigns After Rate Fix Scandal

Subscribe
Barclays bank chief executive Bob Diamond has resigned, the bank said on Tuesday, in the wake of an interest rate-rigging scandal which caused his Chairman Marcus Agius to quit on Monday.

Barclays bank chief executive Bob Diamond has resigned, the bank said on Tuesday, in the wake of an interest rate-rigging scandal which caused his Chairman Marcus Agius to quit on Monday.

“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.

Agius will take over his duties until a replacement is found.

The move comes after Barclays was fined 290 million pounds Sterling by the UK and U.S. regulators for manipulating the Libor rate, a key inter-bank lending rate.

"I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for, could not be further from the truth," Diamond said.

The 60-year-old top manager who joined the bank 16 years ago, said: "My motivation has always been to do what I believed to be in the best interests of Barclays. No decision over that period was as hard as the one that I make now to stand down as chief executive."

Diamond confirmed he would appear before Britain's Treasury Select Committee on Wednesday to answer questions over the rate-fixing allegations, which prompted the U.K. government to launch a parliamentary probe.

The bank's share price fell around 15 percent on Friday after news of the scandal broke.

 

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала