Organizational Communication in the News

Case Studies of Organizations and Organizational Communication in the Media

Barclays CEO Diamond Quits over Rate Rigging


Barclays chief executive Bob Diamond quit on Tuesday under fire from politicians and regulators as the bank defended its actions in an interest rate-rigging scandal involving a dozen banks and which threatens to drag in government and the Bank of England.

Barclays later released an internal 2008 memo from Diamond, then head of its investment bank, suggesting that the deputy governor of the Bank of England, Paul Tucker, had given Barclays implicit encouragement to massage the interest figures lower during the peak of the financial crisis in order to present a better picture of the bank’s financial position.

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