05.09.2012
By Simon Miller
Two senior executives at Barclays have become the latest to leave the bank in the wake of the Libor setting scandal.
A top executive and trader in New York have been the latest to leave the bank after it was found guilty of manipulating the Libor rate and was fined £290m by US and UK regulators.
In regulatory filings seen by Reuters, executive Ritankar Pal was “discharged” on 30 July because the bank had a “loss of confidence” in him as a manager for failing “to properly supervise individuals on his team”.
Pal had been a managing director at the bank and for the past six years was the head of US interest rates trading in New York and at least four former Barclays traders who worked under Pal in New York are being looked at by US prosecutors and regulators.
Barclays also terminated Dong Kun Lee, a New York-based derivatives trader who reported to Pal, for allegedly engaging "in communications involving inappropriate requests relating to Libor."
The regulatory filing on Pal also alleged he "engaged in a communication involving an inappropriate request relating to Libor".
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RBS helps authorities over Libor manipulation
Royal Bank of Scotland (RBS) has become the second UK bank to confirm that it is assisting US and European regulators investigating allegations of interest rate manipulation.
