Barclays Plc, Britain's second- largest bank by assets, slid the most in three years after its record fines yesterday for falsifying London interbank offered rate submissions sparked speculation lawsuits will follow.
The shares fell as much as 18 percent as U.K. lawmakers called on Chief Executive Officer Robert Diamond to resign. Barclays stock was down 28.7 pence to 167.4 pence at 12:55 p.m. in London. It was the biggest decline since March 2009.
The London-based bank was fined 290 million pounds ($451 million) yesterday by the U.K.'s Financial Services Authority, the U.S. Commodity Futures Trading Commission and U.S. Department of Justice. The settlements with are the first in an international investigation into whether banks tried to manipulate Libor.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
