Robert Diamond, the chief executive of British banking giant Barclays, stepped down Tuesday, the latest and largest casualty of a global scheme to fix interest rates. Barclays Chairman Marcus Agius announced his own departure on Monday. Barclays, Britain's third-largest bank, was fined $453 million by U.S. and UK regulators for its role in the scandal; about a dozen other banks are still under investigation. "The external pressure placed on Barclays has reached a level that risks damaging the franchise — I cannot let that happen," Diamond said in his resignation statement.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How U.S. special forces are preparing for the worst-case scenario in North Korea
- I hate Ayn Rand — but here's why my fellow conservatives love her
- Here's the schedule very successful people follow every day
- The 11 worst fast food restaurants in America
- Hey, Paul Ryan's new poverty plan isn't completely terrible!
- Deficit scolds are the most crazed ideologues in America
- The secret to Gabrielle Hamilton's amazing grilled cheese sandwiches
- The weird obsession that's ruining the GOP
- The disturbing lessons of Arizona's un-American execution
- 7 things the world's happiest people do every day
Subscribe to the Week