CNBC's Julia Wood discusses a new report from Barclays, which indicated a lack of innovation to weigh on Apple for 2014. It also slashed its forecasts for smartphone sales growth in 2014.» Read More
"In the banking community Bob Diamond was seen as a credible guy, a sort of Steve Jobs of the banking world, Olly Burrows, senior banks analyst at Rabobank told CNBC. Ian Gordon, head of banks research at Investec Securities added " I think this decision is regrettable, mob rule has won the day."
Cormac Leech, bank equity researcher at Liberum Capital and Vasu Menon, vice president wealth at OCBC Bank, joined CNBC to discuss the implications of Bob Diamond's resignation as CEO of Barclays.
"The changes coming through with this crisis are going to change the perception of the city in major way and I think the City is getting a little bit slow on recognizing the scale of change and the nature of that change and how significant it is going to be over the long-term" Gervais Williams, managing director at MAM Funds, told CNBC.
Robert E. Diamond Jr., the chief executive of Barclays, told employees on Monday that he was “disappointed and angry” about the bank’s past attempts to manipulate key interest rates to bolster its bottom line.
"I am a little surprised at the timing of this as we got through the weekend and the pretty awful publicity and the attacks on Bob Diamond but I think there has been a discussion on the board that this has started to have a major impact on confidence in Barclays and they want to restore the reputation," Chris Wheeler, bank analyst at Mediobanca, told CNBC.
Bob Diamond, chief executive of Barclays, has pulled out of hosting a London fundraiser for Mitt Romney, the Republican presidential nominee, as the bank faces growing pressure over its role in the price-fixing of lending rates, the Financial Times reports.
Bob Diamond is threatening to reveal potentially embarrassing details about Barclays’ dealings with regulators if he comes under fire at a parliamentary hearing on Wednesday over the Libor rate-setting scandal, according to people close to the bank’s chief executive. The FT reports.
Stocks trimmed most of their losses to close narrowly mixed Monday as hopes for stimulus from the Federal Reserve helped limit losses following a disappointing manufacturing report.
British bank Barclays was attempting to manipulate the Libor interest rate and falsely reporting it, CFTC Chairman Gary Gensler told CNBC’s “Squawk Box.”
"Barclays is one of 20 or so banks under formal investigation whereas it has been paraded in the media as a Barclays issue, Barclay just happens to be the first bank to be fined and to settle with the regulatory authorities," Ian Gordon, head of banks research at Investec Securities, told CNBC.
CNBC's Kelly Evans reports the latest details on the fallout from the Libor scandal at Barclays, including the resignation of the big bank's chairman.
U.S. stock index futures were narrowly mixed Monday following a sharp rally in the previous session as investors looked for direction in response to new initiatives agreed in Europe, while worries over weakness in China limited gains.
Jessica Pressler, New York Magazine contributing editor, discusses the fallout from the Libor scandal at Barclays.
Take a look at some of Monday’s morning movers:
Discussing the resignation of Marcus Agius, Barclays' CEO, less than a week after the British bank agreed to pay $450 million in fines for its role in fixing interest rate prices, with Gary Gensler, Commodity Futures Trading Commission chairman.
CNBC's Kelly Evans reports on all the market moving events from Europe, including a look at European stocks reaching two-month highs, drawing support from policy measures to battle the euro zone crisis.
"Libor is critical to the bond markets globally and so for example mortgage rates are indexed off of it, a lot of the swap of activity in the bond market is indexed of Libor, so Libor plays a key role in the valuations of a lot of these bond contracts," George Goncalves, head of US rates strategy at Nomura Securities, told CNBC.
"I think what the chairman, Marcus Agius, has done is bought time for Bob Diamond I think there is more information to come out and I think shareholders will be very anxious to see the full story and I think people will hold fire for the time being," Stephen Peak, head of pan European equities at Henderson Global Investors, told CNBC.
Stocks finished the final trading day of the weak second quarter with a huge bang as Wall Street cheered a surprise agreement by EU leaders to help the region's struggling banks.
An international response is needed to the issue of the manipulation of the Libor to ensure that cartel behavior is not possible, Sharon Bowles, Liberal Democrat MEP for South East England and chair of the European Parliament's Economic and Monetary Affairs Committee, told CNBC on Friday.