Moody's cuts Barclays outlook on fears of further LIBOR fallout

Moody's said shareholder and political pressures placed on the bank since it was fined £290m for manipulating LIBOR last month may mean the bank shifts its business model away from investment banking. While potentially positive in the long-term, such a significant shift in direction is "credit negative" on a short-term basis, the ratings agency said. It also pointed to a potential leadership vacuum within the bank. "Moody's decision to change the outlook on Barclays's C-/ baa2 standalone rating to negative from stable reflects the rating agency's concerns that the senior resignations ...