Barclays

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.

Barclays Bank chairman Marcus Agius has said "the buck stops with me" as he confirmed he will resign following the inter-bank lending rate fixing scandals.

CONDENSED

Barclays' record FSA penalty for LIBOR manipulation will be superseded by other banks' fines as the investigation deepens, according to Schroders' Richard Buxton.

Four banking giants including HSBC and scandal-hit Barclays are to provide redress to business clients mis-sold specialist insurance on loans, the Financial Services Authority (FSA) has said.

Chancellor George Osborne has pledged to use fines imposed by the Financial Services Authority (FSA) to compensate taxpayers in the wake of the LIBOR scandal.

Chancellor George Osborne has called the manipulation of LIBOR rates by Barclays traders "a shocking indictment" of the greed of the financial sector.

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.

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