Barclays

Seven major banking groups, including HSBC and Royal Bank of Scotland, have been summoned to appear before US regulators investigating the LIBOR fixing scandal.

Royal Bank of Scotland (RBS) chief executive Stephen Hester has emerged as the frontrunner to fill the vacant chief executive position at Barclays.

The Financial Services Authority (FSA) will today suggest scrapping LIBOR and replacing it with a borrowing rate based on actual trades, it has been reported.

Sir David Walker, a former deputy governor of the Bank of England, will become the new chairman of Barclays, according to reports.

Barclays has reported pre-tax profits of £4.2bn for the six months to 30 June but has set aside £450m for swaps redress and revealed its finance director is under investigation by the FSA.

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Alison Carnwath, the head of the Barclays remuneration committee that approved former CEO Bob Diamond's £17m pay package earlier this year, has left the bank.

Barclays has hired an investment banker to lead an independent review of its culture, as the bank tries to clean up its image following the LIBOR scandal.

Former Cabinet Secretary Lord O'Donnell has emerged as one of the leading frontrunners to take the role of Barclays chairman.

BT chairman Sir Mike Rake has pulled out of the race to be the next chairman of Barclays, according to reports.