Barclays scandal results in chairman's resignation and review

In the aftermath of the Libor interest rate fixing scandal,...

10:37 03 July 2012

In the aftermath of the Libor interest rate fixing scandal, the chairman of the Barclay's banking group Marcus Agius has officially stepped down stating that "the buck stops with me". 

 

However, the scandal is unlikely to stop with his retirement. Billions have been wiped off the group's share price and yet again confidence in Britain's banking policies has been stretched. Political pressure has also grown for a criminal investigation with Business Secretary Vince Cable supporting a police enquiry. 

 

At the bank, Agius will be replaced Sir Michael Rake, who is currently the bank's senior independent director, until a suitable longstanding replacement is found. 

 

In a lengthy statement, Agius said: "It has been my privilege to serve as Barclays Chairman for the past six years. This has been a period of unprecedented stress and turmoil for the banking industry in particular and for the wider world economy in general. 

 

"Barclays has been well served by an excellent executive team - led, first by John Varley, and now by Bob Diamond – which has worked