Jul 03

See also:

Barclays Agrees To Pay Record $453 Million Fine To US And British Regulators In Libor Manipulation Scandal

Barclays Found To Engage In Massive Libor Manipulation, Gets Wrist-slapped By Coopted Regulators

Barclays Chief Says ‘Sorry’ (Wall Street Journal, July 3, 2012):

LONDON—Barclays BARC.LN +2.73% PLC Chief Executive Robert Diamond apologized for the interest-rate manipulation scandal that has engulfed the U.K. bank but resisted outside pressure to resign.

In a letter to employees, the 60-year-old Mr. Diamond, Barclays CEO since 2011, said he was “sorry” and vowed to impose new internal controls. “I am disappointed because many of these behaviours happened on my watch. It is my responsibility to make sure that it cannot happen again,” Mr. Diamond wrote.

Barclays CEO Robert Diamond Resigns (Wall Street Journal, July 3, 2012):

LONDON—The chief executive of Barclays BARC.LN +3.53% PLC, Robert Diamond, resigned Tuesday amid intense political and investor pressure from the British bank’s involvement in rigging an important interest-rate benchmark—and another senior executive appeared close to following him out the door.

The scandal is tearing through Barclays’s top ranks. Two people close to the bank said Tuesday that Jerry del Missier, the chief operating officer, is likely to step down from his role. Monday, the bank said Chairman Marcus Agius would resign.

Continue reading »

Tags: , , , , ,