INVERNESS, SCOTLAND - JULY 10: President of Barclays Bob Diamond looks on during the final round of The Barclays Scottish Open at Castle Stuart Golf Links on July 10, 2011 in Inverness, Scotland. (Photo by Richard Heathcote/Getty Images)
Behind the Barclays CEO departure
05:51 - Source: CNN

Story highlights

Barclays CEO Bob Diamond resigns in wake of LIBOR rate-fixing scandal at bank

Silva: LIBOR rate fixing unforgivable because it affects public, not rich investors

Silva: Top bankers will now have to be more in touch with concerns of the public

CNN  — 

Barclays CEO Bob Diamond and COO Jerry del Missier have resigned in the wake of the interest rate-fixing scandal that has rocked the bank.

The resignations come less than a week after Barclays, one of the world’s largest banks, was fined $450 million by British and U.S. regulators after admitting it purposely under-reported its interest rates as part of LIBOR (London interbank Offered Rate) – an interest rate floor between big banks that is set in London each trading morning.

CNN interviewed analyst Ralph Silva, a former investment banker with more than 20 years experience in the financial services sector, about Diamond’s resignation and what it means for the future of banking culture.

What does Diamond’s resignation mean?