Barclays

Barclays bank chairman Marcus Agius has confirmed his resignation, admitting the "the buck stops with me" for the firm's interest rate fixing scandal.

Barclays record FSA penalty for LIBOR manipulation will be superseded by other banks' fines as the investigation deepens, according to Schroders' Richard Buxton.

Barclays, HSBC, Lloyds and RBS have agreed settlements with the FSA after the regulator found "serious failings" in their sales of interest rate hedging products.

Chancellor George Osborne has pledged to use fines imposed by the Financial Services Authority to compensate taxpayers in the wake of the LIBOR scandal.

Chancellor George Osborne has called the manipulation of LIBOR rates by Barclays traders "a shocking indictment" of the greed of the financial sector, while confirming RBS and HSBC are also under investigation.

Barclays' share price plummeted 18% early this afternoon amid calls for boss Bob Diamond to quit in the wake of the LIBOR scandal, and following a speech from George Osborne attacking its traders 'systematic greed'.

RBS and Lloyds, the two UK tax-payer backed banks, are among a dozen financial groups being investigated for manipulating the LIBOR rate, which resulted in a record £290m regulator fine for Barclays, it was revealed yesterday.

BARCLAYS MESSAGES

Barclays has been slapped with the largest-ever fine by the FSA and a huge penalty by the US authorities after it breached rules regarding LIBOR.

World markets including the FTSE fell in early trading as weak economic data and Moody's downgrade of 15 banks unnerved investors.