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Hot seat?

In a settlement announced Wednesday by U.S. and U.K. regulators, Barclays admitted that its traders attempted to manipulate the London Interbank Offered Rate, or Libor, and agreed to pay fines totaling $454 million. Barclays is among a group of global banks being investigated by U.S., U.K. and Asian authorities for alleged wrongdoing in interest-rate-setting. It is the first to reach a settlement.

Mr. Diamond and other top executives met last week with Barclays board, according to a person with knowledge of the meeting, and agreed to forgo their multi-million pound bonuses in hopes of blunting criticism of the bank’s actions.

But the bonus sacrifice didn’t satisfy politicians and some shareholders, who on Thursday pressured Barclays and the 60-year-old Mr. Diamond to provide a more-detailed explanation and suggested there should be tougher consequences.

Investors pummeled Barclays stock in trading Thursday, sending the shares down 16% in London, dragging down other bank stocks.

“As far as the chief executive of Barclays is concerned, he has some very serious questions to answer today,” said George Osborne, the U.K. Treasury chief, during remarks to Parliament Thursday. Mr. Osborne added: “What did he know and when did he know it? Who in the Barclays management was involved, and who therefore should pay the price?”

The head of the opposition Labour Party, Ed Miliband, called for criminal prosecutions. “We need the full force of the law brought against those who have done wrong, and if they are found guilty and if their offences warrant it, they should go to jail,” said Mr. Miliband.