Bank Heads Roll Over Libor Scandal

Barclays Bank in Holsworthy (Photo credit: Wikipedia)

Two senior Barclays staff, a director and a top trader, have left the bank’s US offices in the wake of the Libor scandal that has shaken the bank to its foundations.

Barclays formally notified the US regulators that Ritankar ‘Ronti’ Pal was “discharged” on July 30 because the bank had a “loss of confidence” in him for failing “to properly supervise individuals on his team”, according to regulatory filings. Mr Pal, 42, was the head of US interest rates trading in New York.

Barclays also let go Dong Kun Lee, a derivatives trader who reported to Mr Pal. Both had allegedly engaged “in communications involving inappropriate requests relating to Libor”. The filings were provided to Reuters by a source.

Barclays chief executive Bob Diamond quit after it emerged traders had tried to boost their bonuses by rigging the key interest rate. The bank did not comment on Mr Pal and Mr Lee, but said it “undertook a thorough and robust internal disciplinary process promptly following the regulatory review”.

Neither Mr Pal nor Mr Lee could be reached for comment. Another three traders under Mr Pal are said to be under scrutiny.

Related articles

• Libor arrests in US could be imminent, say sources
• Warren Buffett: Libor Scandal 'Involves The Whole World'
• RBS may be bigger Libor culprit than Barclays, says MP