MPs set to grill Bob ahead of their full investigation July 3, 2012 LORDS rejected Labour calls for a judge-led inquiry into the Libor fixing scandal last night, increasing the chance that the government will get its favoured parliamentary investigation into the manipulation of the key inter-bank interest rate. However David Cameron and George Osborne may not get the exact panel of MPs and peers they hope for, [...]
Crisis threatens UK’s entire politico-financial establishment July 3, 2012 THIS is no longer just a crisis for Barclays, even though that particular bank has just suffered a devastating blow. This is now a crisis that could engulf the entire British establishment in a much broader way than anything we saw in 2008-09. The questions are piling up at an astonishing rate. Remember that there [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 3, 2012 FINANCIAL TIMES Facebook hit by glitches after email switch Facebook has been racing to deal with a series of technical glitches after making a controversial change to its members’ email settings that has been criticised as a way to promote its service at the expense of competitors. African minerals names new head Frank Timis plans [...]
Diamond faces calls to return share awards July 3, 2012 BOB Diamond, who lost his job yesterday, now stands to lose millions of pounds worth of unvested shares as Barclays directors prepare to repossess the former chief executive’s bonuses. Sources close to the matter said yesterday that Diamond, who resigned as boss of Barclays yesterday after the bank was shamed for rigging interest rates, faces [...]
Labour’s role in Libor discussion under scrutiny July 3, 2012 REVELATIONS that “a number of senior officials in Whitehall” allegedly raised questions about Barclays’ Libor submissions last night led to fevered speculation about the previous Labour government’s role in the scandal. The claims are reported in a memo sent by Barclays’ Bob Diamond in 2008 at the height of the financial crisis. Alistair Darling, who [...]
The bold banker who led Barclays’ shake-up July 3, 2012 ROBERT E Diamond Junior isn’t going down without a fight. The belligerent Barclays chief executive, once described as the “unacceptable face of banking”, has had a career of hard-won deals, boardroom battles and bruising run-ins with regulators to prepare him for today’s parliamentary showdown. Massachusetts-born Diamond spent 16 years at Barclays, turning the investment bank [...]
The Barclays number three who got the wrong idea about Libor July 3, 2012 BARCLAYS’ newly appointed chief operating officer Jerry del Missier followed his chief executive Bob Diamond and resigned from the bank yesterday in the wake of the interest rate-rigging scandal. Barclays said he will leave with immediate effect. He is thought to be the executive mentioned by the FSA as having misunderstood the Bank of England’s [...]
Now Scotland probes firms over rate fixing July 3, 2012 SCOTTISH prosecutors yesterday went public with their own investigation into the banking sector. The Crown Office confirmed that an ongoing probe into the financial sector in Scotland will be extended to cover Libor-rigging “as a result of recent developments”. It said the probe had been underway for some time, but decided to reveal its investigation [...]
Rudderless ship turns to Agius in hunt for CEO July 3, 2012 AS BARCLAYS’ top management continued to fall like dominoes yesterday, the bank was forced to turn to outgoing chairman Marcus Agius to lead its hunt for a successor to Bob Diamond. Agius, the first scalp to be claimed as a result of the Libor scandal, announced his intention to leave the bank on Monday morning. [...]
Hit to bank’s reputation is instant and damning July 3, 2012 LAST week the NatWest computer glitch; this week another bank, another crisis and more damage to a brand. The Libor scandal has hit Barclays’ brand hard and fast and while the impact on customers may be less obvious than with NatWest’s difficulties, the trajectory of the crisis on brand perception was very similar. Let’s look [...]
