Barclays ex-CEO: board faces decision on leader

LONDON (AP) — A former chief executive of Barclays says the bank's board will have to make a decision about whether the current boss should keep his job after the company was slapped with massive fines for manipulating the price of key interest rates.

On Wednesday, U.S and British regulators fined the bank $453 million for providing false figures on borrowing rates between 2005 and 2009. Those false figures manipulated the London interbank offered rate (LIBOR) to Barclays' advantage.

Martin Taylor, who was CEO of Barclays between 1995 and 1998, does not believe that current CEO Bob Diamond ordered anyone to fiddle the rate, and thinks he should stay if he can "help clean out the stables."

However, Taylor told BBC radio Thursday that only the board can make that judgment.