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The Royal Bank of Scotland is set to be fined around £150 million (€186 million) for market manipulation as the “rates rigging” scandal spreads to other UK banks, reports The Times. Barclay’s was earlier implicated and received a record £290 million (€359 million) fine for rigging the key lending rate between banks, the daily adds, amid mounting calls for the resignation of the bank’s chief executive, Bob Diamond. News of the Barclay's fine saw more than £3 billion (€3.7 billion) fall off the bank’s share price. In an editorial, The Times said –
Bob Diamond is a man of integrity...Yet the business Mr Diamond leads has admitted to very serious offences that epitomise the concerns about a moral corruption at the heart of modern investment banking... He must send an unequivocal message about the behaviour he expects of bankers, the accountability of the boss and the values of the City. The quickest and most effective way of doing so would be to step down... One way or the other, Mr Diamond has to show that the buck stops with him.
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