During the financial crisis of 2007-2008, Barclays manipulated LIBOR down by submitting artificially low rates to make itself look less risky. Traders also manipulated the rate for personal gain. This ultimately proved costly to Barclays’ shareholders when the bank paid fines of $435 million to settle cases with UK and US regulatory authorities and a further $100 million in 2016 to 44 states in the US. Barclays also suffered considerable reputational damage and the scandal led to the resignations of chairman Marcus Agius and Group CEO Bob Diamond.
- Governance and risk management in global universal banks
Barclays, Finance and Insurance, Banking
IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.
Research Information & Knowledge Hub for additional information on IMD publications