Barclays Says Sorry For LIBOR Scandal; Q2 Profit Rises

( – Barclays Plc (BCS, BARC.L) reported Friday a higher second-quarter profit, reflecting mainly a decline in operating expenses, despite a fall in total income. The British bank said it continues to be cautious about its operating environment and will maintain its strong capital, leverage and liquidity positions.

Pointing to the LIBOR scandal that tarnished its image globally, Barclays Chairman Marcus Agiu said, “we are sorry for the issues that have emerged over recent weeks and recognise that we have disappointed our customers and shareholders.” He said the company is focused on recruiting a new Chief Executive and Chairman.

Recently, the Sunday Telegraph reported that Rich Ricci, the head of Barclays’ investment bank ruled himself out of the running to replace Bob Diamond as chief executive officer, who had to bow out on global inter-bank borrowing rate scandal. However, Ricci wants to focus on running the investment bank, formerly known as Barclays Capital, and restore its reputation in the wake of the LIBOR scandal. After admitting the manipulations, Barclays had to pay 290 million pounds to a trio of financial regulators in the US and the UK.

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