Key Barclays Officer Left to New Bank
An interest-rate-fixing scandal this summer felled a number of BarclaysBARC.LN -0.50% PLC executives. But a top Barclays compliance official, who was notified in 2008 about problems brewing within the bank, is now in a similar senior position at another major bank.
Back then, employees warned Stephen Morse, who was the head of compliance at Barclays Capital, the U.K. lender’s investment-banking arm, that Barclays was trying to fudge the London interbank offered rate, or Libor, according to internal bank emails and regulatory documents that have been made public, as well as people familiar with the matter.
Barclays in June agreed to pay about $450 million in a settlement with U.S. and British regulators over the Libor matter. The settlement agreement doesn’t mention any Barclays employees by name but the regulators criticized the department headed by Mr. Morse for failing to act on employees’ concerns about manipulation.
Other bank executives were pushed to resign over the scandal, including former Chief Executive Robert Diamond. But in late 2011 Mr. Morse moved to another, arguably bigger job. He is now head of compliance for Toronto-based TD Bank Group TD.T +0.17% .