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Barclays dismisses two senior staff in wake of rate-rigging scandal

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Two senior Barclays staff from its US offices have been sacked in the wake of the Libor scandal.

According to reports, Barclays notified the US regulators that Ritankar “Ronti” Pal, who was the head of US interest rates trading in New York, was dismissed on 30 July because the bank had “lost confidence in him to supervise his own team”.

The bank also sacked Dong Kun Lee, a derivatives trader who reported to Pal, over engaging in “communications involving inappropriate requests relating to Libor”. Reports state three other traders under Pal are under scrutiny.

In July, chief executive Bob Diamond and chairman Marcus Agius resigned over the scandal which saw the bank fined £290m by the FSA and US authorities after it admitted that derivative traders manipulated Libor. Anthony Jenkins, head of the bank’s retail and business banking operations, replaced Diamond as chief executive at the end of last month.

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