In the wake of the bank rate-rigging scandal, Bob Diamond, Barclays chief executive, announced his resignation from the post with immediate effect, on Tuesday.
In a statement, Diamond, who faced mounting calls to step down, said he made the decision as the external pressure on the bank has reached a level that risks "damaging the franchise".
Barclays Bank was fined a record $450m last week, for attempting to manipulate the London interbank offered rate, Libor, during the financial crisis between 2005 and 2009. Libor is a measure of how much banks have to pay to borrow from their rival and is worked out every day from estimates submitted by the major banks of their own interbank lending costs.
At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.' Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained. Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely on. We are reshaping global media and constantly working to strengthen our reputation as one of the world's most respected news and current affairs channels.