Barclays CEO Robert Diamond
ceo resignations bob diamond

After this British bank admitted to rigging costs charged when banks lend each other money, it was almost expected that that someone high up would have to go.

CEO Robert Diamond stepped down July 3, 2012 following the resignations of other executives embroiled in the interest rates scandal. A week prior, the London-based bank, among the world's largest, was fined more than $450 million by British and U.S. regulators for under-reporting its interest rates as part of the London Interbank Offered Rate. The rate, set in London each trading morning, not only influences of the costs banks pay each other for loans but it also influences the broader market and what typical consumers pay for everything from home mortgages to credit cards.

Markets, stunned by corruption at the bank, cheered at Diamond's departure. Barclay's stock gained as much as 4.8% the day of his resignation. This was a welcome boost, given that shares plunged 16% on June 28 on speculation the bank could face billions of dollars in lawsuits.


  @FortuneMagazine - Last updated September 06 2012 01:23 PM ET
Join the Conversation
100 Fastest-Growing Companies

Even in stagnant times some companies thrive. Our annual list of high achievers is a guide to the most vibrant part of corporate America and beyond.

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.