Economics / Markets

DIAMOND

The FTSE 100 has risen in early trading as investors build on recent gains, but Barclays' share price remains volatile as investors react to CEO Bob Diamond's resignation.

The resignation of Barclays CEO Bob Diamond does not lessen the possibility of criminal proceedings against those involved, Chancellor George Osborne has warned.

Barclays boss Bob Diamond has resigned from the bank with immediate effect, just one day ahead of a parliamentary hearing into his conduct following the LIBOR scandal.

The government has ordered a parliamentary inquiry into professional and cultural standards in British banking less than a week after Barclays was fined for attempting to fix Libor and its European equivalent, Euribor.

FIVE THINGS

Aviva has fired dozens of senior managers and may look to offload a fifth of its business units after carrying out a review of the company, according to reports.

Barclays' record FSA penalty for LIBOR manipulation will be superseded by other banks' fines as the investigation deepens, according to Schroders' Richard Buxton.

Barclays' share price has plummeted more than 8% this morning amid calls for boss Bob Diamond to quit in the wake of the LIBOR scandal, and ahead of a speech from George Osborne on the debacle later today.

The Investment Management Association (IMA) has called on fund groups to enhance transparency on charges across all investor-facing documents, as well as giving a more prominent position to the ‘ongoing charge' and provide details of transaction costs....