Barclays Libor Scandal Puts Investment Bank Arm At Risk

LONDON, July 6 (Reuters) – Barclays investment banking boss Rich Ricci was in tears when he addressed his traders after the sudden exit of CEO Bob Diamond this week, as a rate-rigging scandal puts the future of his business on uncertain ground.

Ricci was shaken by the sudden exits of Diamond and his other good friend Jerry del Missier. But he also knows their departures herald big change for his investment bank.

An interest rate rigging scandal at Barclays makes the separation or shrinking of its investment banking arm more likely, given greater regulatory and political intrusion and the exit of the trio of investment bankers at the top of the bank.

View More

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s