Marcus Agius, chairman of the Board of Directors of Barclays, is the first to resign as a result of match-fixing scandal of Libor and Euribor interbank rates. The case gained political contours and represents a blow to the British bank. Tip of the iceberg?
Marcus Agius is the first "head rolls" after the scandal known manipulation of interchange fees, carried out by British bank Barclays, whose name was tarnished.
The President also (is stepping down soon) you want to try to stop the case, although the practice itself recognizes that this represents a major blow to the prestige of this international bank.
"These events are revealing unacceptable behavior in Barclays and represent a devastating blow to the reputation of the institution," Agius said, quoted by AFP.
The next chapter of this case will be an internal audit carried out by the bank to realize the scope of this scandal and avoid a repeat. This audit is one of the measures, since the Barcalys will also launch a code of conduct for its professionals.
The bank would not happen again handling cases of interchange fees, knowing that all measures will be little to clean the image of Barclays.
Marcus Agius held the position of Chairman of the Board for about five and a half years, and only remain in office until his replacement is found, according to figures put forward by the British bank.
This past Wednesday, the British bank revealed it would pay about 290 million pounds to stop the investigations that the English authorities and the U.S. were to pursue.
Concerned, attempts to manipulate the interchange fee that Libor and Euribor, which define the price of money in loans between banks, but also in housing loans paid by households.
On Wednesday, another chapter in the discovery of the scandal, with Bob Diamond, CEO of Barclays, to be heard in a British parliamentary committee that will review the case that tarnished the bank.
Diamond is already very unpopular, because it represents a symbol of the excesses of British finance. It is a U.S. executive shall be bound also in this case Barclays.
Obviously, this case manipulation and fraud charges acquired political repercussions, and the British Labour opposition calls for a total remodeling of senior management of that bank, which includes the names of Bob Diamond.
The Labour leader Ed Miliband says that "Diamond was the Head of the branch of Barclays where these scandals occurred several years ago". The case gives rise to a broad debate in the UK, you want to sit in the dock bankers who resort to illegal procedures.
In the coming days, manipulated rates will be reviewed by an independent entity. However, it is feared that Barclays is just the tip of the iceberg of manipulations carried out by other banks.
Marcus Agius held the position of Chairman of the Board for about five and a half years, and only remain in office until his replacement is found, according to figures put forward by the British bank.
This past Wednesday, the British bank revealed it would pay about 290 million pounds to stop the investigations that the English authorities and the U.S. were to pursue.
Concerned, attempts to manipulate the interchange fee that Libor and Euribor, which define the price of money in loans between banks, but also in housing loans paid by households.
On Wednesday, another chapter in the discovery of the scandal, with Bob Diamond, CEO of Barclays, to be heard in a British parliamentary committee that will review the case that tarnished the bank.
Diamond is already very unpopular, because it represents a symbol of the excesses of British finance. It is a U.S. executive shall be bound also in this case Barclays.
Obviously, this case manipulation and fraud charges acquired political repercussions, and the British Labour opposition calls for a total remodeling of senior management of that bank, which includes the names of Bob Diamond.
The Labour leader Ed Miliband says that "Diamond was the Head of the branch of Barclays where these scandals occurred several years ago". The case gives rise to a broad debate in the UK, you want to sit in the dock bankers who resort to illegal procedures.
In the coming days, manipulated rates will be reviewed by an independent entity. However, it is feared that Barclays is just the tip of the iceberg of manipulations carried out by other banks.
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