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.
Robert E. Diamond Jr. is the latest casualty of Barclays' problems. His departure comes a day after the chairman said he'd step down and hours before the chief operating officer left.NEW YORK — Barclays' rate-fixing scandal claimed its biggest casualty so far: Chief Executive Robert E.
SHANGHAI (Reuters) - China's cash crunch eased further on Monday after the central bank moved to prevent the money market from seizing up, but bank stocks tanked as the authorities made clear that the days of unlimited cheap official funds are over. Chinese shares suffered their biggest daily loss in nearly four years, with financial stocks dropping more than 7 percent after the People's Bank of China (PBOC) said banks needed to do a better job of managing their cash and lending.
Barclays CEO, Bob Diamond, announced Tuesday that he was stepping down, making him the latest victim of an interest rate-fixing scandal that has already seen the British bank charged with $453 million (360 million euros) in fines.
Equity futures sharply reversed an overnight pullback on a pair of central bank actions, one in China, the other an agreement between the US and Europe.
China Cuts Bank Reserve Ratios by .5 Percentage Points
The Wall Street Journal reports China Cuts Reserve-Requirement Ratio
Marcus Agius, who had led the bank's board since 2007, accepted responsibility for the rates scandal that saw the company slapped with trans-Atlantic fines of $453 million. Calls are growing for Barclays' CEO to step down, too.» E-Mail This » Add to Del.icio.us