Barclays chairman steps down following Libor scandal

Barclays confirmed today the resignation of Marcus Agius, chairman at the bank.

“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,” he said in a statement..

He added that Barclays remained resilient throughout the crisis, “and has worked hard to ensure that today it is a strong, well capitalised and profitable business”.

Last week, Barclays was fined for attempting to fix the London interbank offered rate Libor and the European Euribor.

“As Chairman, I am the ultimate guardian of the bank’s reputation. Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside,” Agius said.

The search for a successor will be led by Sir John Sunderland and will commence today, the bank added.

Meanwhile, Michael Rake has been appointed deputy chairman.

The Board has also agreed to launch an audit of our business practices.
This audit will be led by an independent third party reporting to Sir Michael Rake and a panel of Non-Executive Directors.

 

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