Britain's Osborne Welcomes Barclays Ceo Resignation

by
Reuters
British finance minister George Osborne welcomed the resignation of Barclays Chief Executive Bob Diamond on Tuesday, saying he hoped it was the first step in a new culture of responsible British banking.

British finance minister George Osborne welcomed the resignation of Barclays Chief Executive Bob Diamond on Tuesday, saying he hoped it was the first step in a new culture of responsible British banking.

"I think it's the right decision for Barclays, I think it's the right decision for the country because we need Barclays bank focussed on lending to our economy and not distracted by this argument about who should be in charge," Osborne told BBC Radio.

"I hope it's a first step to a new culture of responsibility in British banking."

Diamond announced his resignation with immediate effect on Tuesday following an interest rate-rigging scandal, making him the highest-profile victim so far in a probe that spans a dozen major banks across the world.

Barclays was fined $453 million by U.S. and British authorities after a probe found traders had manipulated the London Interbank Offered Rate (Libor), which is used worldwide as a benchmark for prices on about $350 trillion of financial products.