Barclays Bank is one of the world’s oldest banks. In June 2012, it was fined 290 million pounds (US$450 million) for attempting to manipulate the daily settings of London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). The bank's chief executive, Bob Diamond, decided to give up his bonus as a result of the fine, and subsequently resigned after a wave of criticism against the bank.
Barclays takes a gamble
Robert Diamond was appointed as Barclays chief executive making a lot of people smile at his name but even more scratch their heads in puzzlement.
Diamond is sort of the Darth Vader of banking, having earned millions of pounds in bonuses as the head of Barclays Capital when banks had to be helped out by taxpayers who were losing their jobs in the financial downturn. He is an investment banker and taxpayers worry that his risk-taking nature will push the bank more towards the gambling strategies that led to the banking crisis in the first place.