In the light of the news of Barclays misconduct and the record £290m fine imposed on it by the Financial Services Authority, it'll come as no surprise then that there've been numerous calls for the Chief Executive, Bob Diamond to resign. And Sir Martin Taylor – a former CEO – has waded into the debate saying the bank has engaged in 'systematic dishonesty'
Last night the FSA seriously reprimanded the bank for what it called 'serious, widespread and extended manipulation…over a number of years' of the interest rates at which banks lend to each other.
Investigators at the FSA said that Barclays' traders lied to make the bank look better than it really was in terms of its standing compared to other banks, helping make it a profit into the bargain. Barclays has said its actions "fell well short of standards".
Barclay's CEO Bob Diamond, plus three of its most senior execs have seen fit to 'fall on their swords' so to speak and give up their bonuses this year. And - according to BBC News - a raft of other big name banks are thought to be under investigation: RBS, Lloyds, HSBC and Citigroup to name a few.
The Chancellor George Osborne is expected to make an announcement in the House of Commons this afternoon.
Written and Presented by Marverine Cole