NEW YORK -- Barclays' rate-fixing scandal has claimed two additional casualties: the British bank's chief executive and chief operating officers.
After resisting calls to resign, Barclays CEO Bob Diamond stepped down immediately Tuesday, a week after the bank announced it would pay more than $450 million in fines to American and British authorities for its attempts to manipulate key interest rates, including the London inter-bank offered rate, or LIBOR.
LIBOR is a benchmark used around the globe to determine the costs of borrowed money, from short-term loans to corporate expansions to consumer loans.
In a statement, Diamond said that standing down as CEO was the hardest move he's made at Barclays.
"The external pressure placed on Barclays has reached a level that risks damaging the franchise -- I cannot let that happen," Diamond said.