The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. It is usually abbreviated to Libor or LIBOR, or more officially to BBA Libor (for British Bankers' Association Libor) or the trademark bbalibor.
Jerry del Missier, appointed only last month as chief operating officer at the bank, resigned hours after Diamond left.
Barclays Chief Executive Bob Diamond quit his job Tuesday, the biggest scalp in a financial markets scandal that has also seen the chairman announce his intention to resign and sown the seeds for another investigation into Britain's banking sector.
No individuals have been charged with wrongdoing.
The SFO has said it is working with authorities in other jurisdictions conducting Libor-related investigations.
The Barclays settlement, the first of what is expected to be several involving global banks, has created a political firestorm in the U.K. and led this week to the resignation of Barclays Chief Executive Robert Diamond, Chairman Marcus Agius and Chief Operating Officer Jerry del Missier.
Despite mounting calls for his departure, Barclays chief executive Bob Diamond showed no signs of stepping down, as he pledged to fully implement the findings of an independently-led audit into practices at the banks since the financial crisis.
The update from the Serious Fraud Office (SFO) came hours after Barclays chairman Marcus Agius resigned and announced an internal review into the bank's "flawed" practices.
The storm around the rate-rigging scandal has gathered pace as fraud investigators said they would decide within a month on whether a criminal prosecution was appropriate.
More than a dozen banks are being probed by US, Asian and European regulators for collusion in setting interbank lending rates. The others have mirrored Barclays on minimal disclosure.
London Barclays Plc investors, blindsided by the bank's $451.4 million regulatory fine for trying to rig benchmark rates, saw the stock drop 16 per cent a day later. Other bank shareholders may be just as surprised.
Investigators in the United States, Europe and Japan are examining more than a dozen big banks over suspected rigging of the London Interbank Offered Rate (Libor). Britain’s Barclays has so far been the only bank to admit wrongdoing, agreeing last week to pay a fine of more than $450 million.
Germany’s markets regulator has launched a special probe into Deutsche Bank over suspected manipulation of interbank lending rates, joining authorities around the globe investigating the world’s largest banks, two people familiar with the matter said on Friday.