Barclays Chief Executive Bob Diamond Resigns

in International Business

Barclays Chief Executive Bob Diamond Resigns

Amid Libor scandal, Barclays boss Bob Diamond has stepped down, saying he was leaving because the external pressure on the bank risked “damaging the franchise.”

Diamond’s decision was welcomed by Chancellor George Osborne.

“This is the first step towards a new culture of responsibility in British banking,” said Chancellor Osborne.

Chairman Marcus Agius has already announced his resignation and will take over the running of the bank until a replacement is found.

“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,” Mr. Diamond said in a statement.

The decision of Mr. Diamond comes after Barclays was fined USD 450 million for attempting to manipulate Libor, lowering them to hide their risk level during financial crisis.

After Agius’s resignation, politicians and shareholders continued to call for Mr Diamond to step down.

Prime Minister David Cameron, who has launched an inquiry into banking standards, has described the rigging of Libor rates as “a scandal”.

The Serious Fraud Office is also considering whether to bring criminal charges.

Mr Diamond, one of the UK’s highest paid chief executives, was head of Barclays Capital, its investment bank division, when his staff were trying to manipulate the key inter-bank rates.

“He maintains that he didn’t know what was going on,” says BBC business editor Robert Peston. “He feels he was hounded out.”


Tags assigned to this article:
BarclaysBob DImaond

Related Articles

Microsoft quarterly profits beat expectations

Microsoft’s profits in the three months to the end of March dropped slightly but the results still beat analysts’ expectations

Economic Growth Package Proposed by Eurozone Leaders

Eurozone four leaders, German, France, Italy and Spain, sat together to discuss measures to boost Euro growth equal to 1%

Indian rupee falls to its record low against US dollar

Indian rupee falls to its an all-time low against the US dollar as the US Federal Reserve signaled on Wednesday

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china Cheap eBooks Buy eBooks Online Discount eBooks Cheap eBooks Buy eBooks Online Discount eBooks Cheap eBooks Buy eBooks Online Discount eBooks cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china cheap nba jerseys from china wholesale nba jerseys from china discount nba jerseys from china