Barclays boss not resigning

The boss of Barclays, Bob Diamond, announced that he will not resign after Barclays is found guilty of manipulating interest rates.

Mr. Diamond condemned the bank’s employees for rigging the key lending rate to make profits for their own benefit.

Tories Steve Baker and Nick De Bois along with some other MPs suggested that Barclays boss should resign for failing to know about his staff committing scandal.

Barclays and a few other banks are under investigation. Investigators say that Barclays’ staff showed artificially low interest rate figures to make the bank look more secure during the height of the financial crisis, between 2007 and 2009. As a result, the bank would borrow at noticeably higher rates than its competitors.

Mr. Diamon admitted that the bank’s control systems should have been much stronger.

He added: “When the trader conduct was first discovered by more senior management, steps were immediately taken to stop it, and it was reported to the authorities.”