The former boss of Barclays, who lost his job over a financial market-fixing scandal, said Wednesday that a Bank of England official had not encouraged him to report false data at the height of the credit crunch in 2008.
LONDON — Barclays Chairman John McFarlane has fired the British bank’s chief executive after he had lost the support of non-executive directors in a clash over style and the pace of the bank’s turnaround.
The move comes just three months after McFarlane joined the bank and three years after Antony Jenkins was promoted to CEO, having been the bank’s retail chief. McFarlane, who had signaled his intention to speed up its turnaround efforts when he took the post in April, will assume executive duties until a permanent successor is appointed.
Royal Bank of Scotland has also participated in the manipulation of the Libor rate, reported Financial Times. The bank paid £390 million or $612 million after confessing criminal price-fixing charges in the falsification of Libor. The report showed numerous staggering emails, showing how workers can be easily convinced to manipulate interest rates in exchange for steak dines.
OTTAWA — If ever there was just the right person to replace Mark Carney, he or she would look a lot like this: bilingual, an economist, with experience in the private sector, as well as government work — preferably at the Bank of Canada and/or the Finance Department.
The current list of maybe-candidates hold many, but not all, of these attributes.
Former Barclays CEO Bob Diamond told a UK parliamentary committee on Wednesday that there had been “mistakes” and “reprehensible” behaviour at the British bank, which has been embroiled in a rate-fixing scandal.