Exclusive: Libor probe claims Barclays executive and a trader

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Reuters
By Jennifer Ablan and Matthew Goldstein, 9/4/12

(Reuters) - The fallout from an investigation into the attempted manipulation of global benchmark interest rates has again rocked Barclays Plc, as the bank recently ousted a top executive and a trader in New York for their roles in the scandal, according to regulatory filings obtained on Tuesday.

Barclays bank headquarters in Canary Wharf, east London August 30, 2012. Credit: Reuters/Olivia Harris

Barclays formally notified the Financial Industry Regulatory Authority on August 29 that the executive, Ritankar "Ronti" Pal, was "discharged" on July 30 because the bank had a "loss of confidence" in him as a manager for failing "to properly supervise individuals on his team", one of the filings stated. His departure had been previously reported but no explanation had been given.

Pal, 42, had been a managing director at the bank and for the past six years was the head of U.S. interest rates trading in New York. At least four former Barclays traders who worked under Pal in New York have drawn scrutiny from U.S. prosecutors and regulators in the investigation into the manipulation of the London interbank offered rate and related benchmark interest rates, according to people familiar with the probe.

More: Reuters.com.

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