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27/06/2012
Eight-Figure Fine Slapped On Barclays Bank
Barclays Bank has been fined a record eight-figure sum for trying to manipulate banks' lending rates.
The Financial Services Authority (FSA) slapped the £59.5m penalty on the institution for "serious and widespread misconduct".
The misconduct relates to the daily setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
Between 2007 and 2008, bank staff submitted artificially low interbank lending rates to try and boost business by avoiding suspicion that the bank was under financial stress.
The FSA said: "Making submissions to try to benefit trading positions is wholly unacceptable. Barclays' behaviour threatened the integrity of the rates with the risk of serious harm to other market participants."
Barclays chief executive Bob Diamond admitted the bank’s actions "fell well short of the standards to which Barclays aspires".
He said: "I am sorry that some people acted in a manner not consistent with our culture and values."
In an attempt to patch up the damage done to the bank’s public image, Mr Diamond announced that he and three other leaders of the bank would forego their bonus this year.
He said the move would "reflect our collective responsibility as leaders".
Last year, Mr Diamond got a bonus of £2.7m.
Including the £59.5m FSA fine, Barclays has agreed to pay a total of £290m in penalties to UK and US authorities.
The penalty fine came as part of an industry-wide investigation into the setting of interbank offered rates between 2005 and 2009.
(NE)
The Financial Services Authority (FSA) slapped the £59.5m penalty on the institution for "serious and widespread misconduct".
The misconduct relates to the daily setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).
Between 2007 and 2008, bank staff submitted artificially low interbank lending rates to try and boost business by avoiding suspicion that the bank was under financial stress.
The FSA said: "Making submissions to try to benefit trading positions is wholly unacceptable. Barclays' behaviour threatened the integrity of the rates with the risk of serious harm to other market participants."
Barclays chief executive Bob Diamond admitted the bank’s actions "fell well short of the standards to which Barclays aspires".
He said: "I am sorry that some people acted in a manner not consistent with our culture and values."
In an attempt to patch up the damage done to the bank’s public image, Mr Diamond announced that he and three other leaders of the bank would forego their bonus this year.
He said the move would "reflect our collective responsibility as leaders".
Last year, Mr Diamond got a bonus of £2.7m.
Including the £59.5m FSA fine, Barclays has agreed to pay a total of £290m in penalties to UK and US authorities.
The penalty fine came as part of an industry-wide investigation into the setting of interbank offered rates between 2005 and 2009.
(NE)
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Bob Diamond Appointed Barclays Chief Executive
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Multi-millionaire banker Bob Diamond is to become the new Chief Executive of Barclays, it has been announced. Mr Diamond will take over from the current Chief Executive John Varley on March 31 next year. Mr Diamond is currently President of Barclays and Chief Executive of Corporate & investment Banking and Barclays Wealth.
03 July 2012
Barclays Boss Bob Diamond Resigns
Barclays chief executive Bob Diamond has stepped down with immediate effect. The move follows the bank receiving a £290m ($450m) record fine by US and UK regulators for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other, which underpin trillions of pounds worth of financial transactions.
Barclays Boss Bob Diamond Resigns
Barclays chief executive Bob Diamond has stepped down with immediate effect. The move follows the bank receiving a £290m ($450m) record fine by US and UK regulators for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other, which underpin trillions of pounds worth of financial transactions.
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