Diamond under fire after Libor scandal at Barclays

Shares in Barclays were under heavy selling pressure on Thursday morning after the banking group was found guilty of 'market manipulation' into interbank lending rates, prompting some calls for the resignation of Chief Executive Officer Bob DIamond.

Shares in Barclays were under heavy selling pressure on Thursday morning after the banking group was found guilty of 'market manipulation' into interbank lending rates, prompting some calls for the resignation of Chief Executive Officer Bob DIamond.

The bank is to pay a £290m fine to UK and US regulators after it was found attempting to control submissions for the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR) to benefit the bank's interest rate derivatives traders. Libor and the Euribor are benchmark reference rates that indicate the interest rate that banks charge when lending to each other.

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