The CEO of London-based Barclays PLC announced this morning that he will step down from his position.
Robert Diamond, who has led Barclays since 2011, decided to step down after scrutiny and political pressure mounted since Barclays admitted to influencing global interest rates.
Diamond will be questioned by the United Kingdom's Treasury Select Committee tomorrow. British lawmakers announced yesterday that they will be investigating the banking industry.
Diamond was running Barclay's securities unit when the bank attempted to alter London and euro interbank offered rates (Libor) for profit, according to Bloomberg. Barclays was fined $453 million.
Marcus Agius, Barclays chairman, resigned on Monday, and Jerry del Missier, chief operating officer, also announced he would resign.
Although Barclays is the first bank to be questioned, CNNMoney reported that seven other banks were cited in documents from Barclays' settlement, but none were named.