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Barclays has 'disciplined' 13, fired five over Libor scandal

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Rich Ricci, one of Barclays' top bankers, told MPs that the bank has fired five out of 13 people "disciplined" over the Libor scandal - but that many had already moved on.

 

The bank is attempting to rebuild its reputation after being fined a record £290m in June for manipulating the London interbank offered rate (Libor), used used to fix the cost of borrowing on mortgages, loans and derivatives worth more than $450 trillion (£281 trillion) globally. After launching its own investigation, Barclays “terminated” five of 13 people disciplined, Rich Ricci, head of Barclays’ investment banking arm, told a parliamentary committee hearing. However, he said that many others who would have been involved had already moved on to “other institutions”.

 

“A lot of the individuals that would have been in that disciplinary process had left,” he said, adding that Barclays had informed these people’s new firms of its findings via the authorities. Pressed by MPs over the bank’s failings, Mr Ricci admitted that in the past it and the wider City had given too much emphasis to employees’ financial performance over other factors.

 

More: http://www.telegraph.co.uk/finance/libor-scandal/9709314/Barclays-has-disciplined-13-fired-five-over-Libor-scandal.html


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