Page 29 - Barclays Bank (B) Teaching Note

Diagram 6

LIBOR resulted in fines in both the U.K. and the U.S.A. but

given the spread of its effect it was global in nature
affecting a variety of currencies and jurisdictions.

Setting the fine aside the damage to Barclays was an

erosion of confidence in the bank in the eyes of the

public.

However, a distinction may have to be made here! By

bank we may really mean strategic leadership and

investment banking as opposed to the bank manager at

division or branch levels.

Following on from the LIBOR scandal were a series of

further ill-advised actions such as the failure of financial

crime checks, rigging of financial exchange rates, the