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Barclays dismisses two senior staff

Barclays dismisses two senior staff

Category: Banking

Updated: 05/09/2012
First Published: 05/09/2012

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Barclays has reportedly sacked two of its senior staff in the US as part of ongoing investigations into the Libor rate fixing scandal.

Ritankar Pal, head of interest rate trading in the US was dismissed on the grounds that the bank had "lost confidence in him to supervise his own team", whilst a derivatives trader, Dong Kun Lee, was also sacked in relation to "communications involving inappropriate requests relating to Libor".

It is believed that three other traders working under Ritankar Pal are under close scrutiny by US regulators.

Barclays is currently under investigation by regulators in the US and UK, looking to establish the bank's part in alleged manipulation of inter-bank lending rates. The sackings in the US follow the departures of Barclays' UK chief executive, chairman and chief operating officer in July.

The appointment of new chief executive Antony Jenkins was announced last week.

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