Barclays boss Bob Diamond resigns amid Libor scandal

  • Barclays chief executive Bob Diamond has resigned with immediate effect.

    The move comes less than a week after the bank was fined for trying to manipulate inter-bank lending rates.

    Chairman Marcus Agius, who announced his own resignation on Monday, will now take over the running of Barclays until a replacement is found.

    Barclays' wrongdoing relates to the daily setting of the London Interbank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor).

    The interest rates are two of the most important in the global financial markets and affect the value of trillions of dollars of financial deals between banks and other institutions.