Barclay’s Bank has open the top spot at the company after Robert Diamond has resigned with immediate effect. Barclay’s has been recently at the center of a financial scandal in the UK and the US. Regulators from both country imposed a $453M fine as a result of an interest-rate-fixing probe. According to the investigation findings, the bank charged higher inter-bank interest rate to cash in the delta, forcing businesses and consumers to pay higher interests rates on mortgages and loans. Chancellor of the Exchequer George Osborne said in a statement to Parliament: “Fraud is a crime in normal business, why is it not so in banking?”. The list of banks under investigation include Citigroup Inc., Deutsche Bank AG, HSBC Holdings PLC, J.P. Morgan Chase & Co. and Royal Bank of Scotland Group PLC in what is labelled as the Libor (London Inter-Bank Offered Rate) scandal.
After resisting for some days to the mounting pressure, Mr. Diamond has finally resigned. Another great example of “superior” ethical behavior in the financial industry.