Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Barclays today announces the resignation of Bob Diamond as chief executive and a director of Barclays with immediate effect/AFP

Kenya

Barclays bank chief executive Diamond resigns

Barclays today announces the resignation of Bob Diamond as chief executive and a director of Barclays with immediate effect/AFP

LONDON, Jul 3 – Barclays chief executive Bob Diamond has resigned with immediate effect over a rate rigging scandal at the British banking giant, the company said on Tuesday.

“Barclays today announces the resignation of Bob Diamond as chief executive and a director of Barclays with immediate effect,” the bank said in a statement to the London Stock Exchange.

US national Diamond added in the statement: “The external pressure placed on Barclays has reached a level that risks damaging the franchise — I cannot let that happen.”

Diamond’s resignation follows that of the bank’s chairman Marcus Agius on Monday and as the bank faced possible criminal prosecution in a scandal that has sullied London’s image as a financial centre.

Britain’s Serious Fraud Office on Monday announced that it was considering whether it was “appropriate and possible to bring criminal prosecutions” over the issue, adding that it hoped to reach a conclusion within a month.

British Prime Minister David Cameron also announced a parliamentary inquiry into the revelations that Barclays traders had lied about the interest rates other banks were charging it for loans.

The scandal, which might implicate other international banks, concerns manipulation of the Libor and Euribor rates which play a key role in global markets, affecting what banks, businesses and individuals pay to borrow money.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...