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Under Pressure, Barclays CEO Diamond Quits

Published July 3, 2012 at 3:00 AM CDT

LINDA WERTHEIMER, HOST:

NPR's business news starts with another bye-bye at Barclays.

Barclays' CEO Bob Diamond handed in his resignation today effective immediately. It's the second major departure in as many days. Yesterday, it was the chairman of the big British bank who announced he'd be stepping down. The bank is dealing with a growing interest rate scandal. Barclays allegedly interbank lending rates to benefit its bottom line. Last week, the bank agreed to pay a fine of more than $450 million to British and U.S. authorities. Transcript provided by NPR, Copyright NPR.