Barclays CEO Resigns Amid Bank Scandal
As a scandal involving ways to manipulate an important interest rate rocked the top officials at Barclays PLC (NYSE:BCS), the company's CEO Robert Diamond stepped down, as well as the company's chief operating officer, The Wall Street Journal reports.
Diamond resigned after feeling the brunt of political and investor pressure over the UK Bank's hand in fixing the benchmark, which is used to set interest rates on about $800 trillion worth of borrowings and derivatives. Chairman Marcus Agius also announced his resignation, however the bank said he will keep his position until it finds a successor.
Diamond's resignation, however, is effective immediately, the media outlet stated.
Now, one of Britain's largest banks is driving forward without a leader, which could lead Antony Jenkins, Barclays' current chief executive of retail and business banking, to take on the role of CEO.
The shakeup negatively affected the company's stock, which was down 2.14 percent at the close of Tuesday to $10.54. In addition to the direction in which the company will go from here, investors could benefit from keeping an eye on insider trader information on the company.
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