Barclays fires staff members for Libor involvement

5 September 2012

Two senior members of staff at Barclays' operation in New York have been fired due to their role in the Libor manipulation scandal, new documents have shown.

Filings issued to the Financial Industry Regulatory Authority by the major British bank revealed that executive Ritankar Pal and derivatives trader Dong Kun Lee have lost their jobs because of links to this global issue.

Earlier in the summer, Barclays was hit with a fine totalling around $450 million for its involvement in Libor fiasco after it faced investigations from authorities in both the UK and the US.

And it has now emerged that Mr Pal - who was head of the lender's US interest rates in New York - was "discharged" around a month after paying this penalty on the basis the firm had lost confidence in his ability to "properly supervise" his team.

Meanwhile, Mr Lee was fired on the same day because he had allegedly engaged in "communications involving inappropriate requests relating to Libor".

By Asim Shah

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