Film & Television Directory

UK National News

Submit News Item
29 June 2012

Barclays Boss Will Not Resign

The boss of Barclays refuses to resign over the rigging of the key lending rate between banks.

Bob Diamond has agreed to give evidence to MPs over the scandal which saw the bank fined £290m ($450m) on Wednesday by the UK and US authorities after an investigation into claims that several banks manipulated the Libor rate at which they lend to each other.

In the open letter he condemned the inappropriate behaviour of a "small number" of employees who tried to make profits for their own benefit.

He said: "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."

He added that Barclays was now "completing a review of employee conduct for all those involved", and that "all appropriate options will be pursued for those who have a case to answer, ranging from the clawback or withholding of remuneration to being asked to leave the bank".

On Thursday Prime Minister David Cameron said: "The whole management team [at Barclays] have got some serious questions to answer. Let them answer those questions first.

"Who was responsible? Who was going to take responsibility? How are they being held accountable?"

MPs including Tories Steve Baker and Nick De Bois are also pushing for Mr Diamond's resignation.

Barclays and the other banks involved now face the threat of criminal investigation in the UK over the scandal.

Barclays shares ended Thursday trading down 15.5%, RBS lost 11.5%, Lloyds went down 3.9%, and HSBC shares declined by 2.6%.

(GK)







Bookmark and Share
Top Stories
19/09/2014
IPCC Confirm Four Officers Facing Investigation Related To Savile Case
19/09/2014
Undamaged Eastbourne Pier To be Re-Opened
19/09/2014
Crashed Helicopter Fuselage Recovered
19/09/2014
Construction Underway At New Emergency Centre
19/09/2014
Scotland Votes Against Independence
19/09/2014
New Appeal Issued Over 1994 Murder
19/09/2014
Man Charged Over East London Murder
19/09/2014
Lib Dems Confirm Mike Hancock Resignation
19/09/2014
90 Passengers Rescued From Flood Train
19/09/2014
Other News In Brief
Blackmagic Launches DaVinci Resolve 11.1
200 To Tango!
TC Electronic Introduces 'aNorm' Loudness Solution
RTW Demos Latest Solutions At IBC2014
Quantel's Genetic Engineering 2 Makes Euro Debut
Sachtler Releases 'Ace Accessories'
Litepanels Announces ASTRA 1x1 Bi-Color Panel
Sennheiser’s Esfera Wins IABM Award
Thomson's ViBE XT1000 Xtream Wins IBC2014 Award
NUGEN Introduces MasterCheck Loudness Tool At AES
IPCC Confirm Four Officers Facing Investigation Related To Savile Case
Undamaged Eastbourne Pier To be Re-Opened
Crashed Helicopter Fuselage Recovered
Construction Underway At New Emergency Centre
Scotland Votes Against Independence
New Appeal Issued Over 1994 Murder
Man Charged Over East London Murder
Lib Dems Confirm Mike Hancock Resignation
90 Passengers Rescued From Flood Train
Polls Open In Scottish Independence Referendum
Other News In Brief
Regional Film and Video Broadcast News

Flagship Media Group Ltd,
Unit C3, 6 Westbank Drive, Belfast,
BT3 9LA, Northern Ireland
Tel : (028) 90319008
Contact : Click Here

Bot / Local
d 20/09/2014 16:59:40