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.
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