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Reuters: Barclays CEO Resigns over Rate Rigging Scandal

July 03, 2012, 06:28 AM
Filed Under: Banking News
Related: Barclays, LIBOR

Reuters reported Barclays CEO Bob Diamond quit on Tuesday related to the interest rate-rigging scandal that spans more than a dozen major banks across the world.

According to the report, Diamond's resignation was effective immediately and outgoing chairman Marcus Agius, who announced his own departure on Monday, will lead the search for a new CEO.

The report quotes Diamond saying, "The external pressure placed on Barclays has reached a level that risks damaging the franchise - I cannot let that happen."
Barclays, which is Britain's third-largest bank was assessed a nearly half billion fine in June for its part in manipulating a global benchmark interest rate.

The report also states that newly appointed Chief Operating Officer Jerry del Missier,  is also likely to resign, according to a source familiar with the situation said.

In June, Barclays admitted it submitted artificially low estimates of its borrowing costs to calculate interbank rates from late 2007 to May 2009.

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