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Another Bank Scandal! : Barclays Chairman To Depart

Another Bank Scandal! : Barclays Chairman To Depart

Agius expected to resign and give apology following bank's £290m fine for its role in attempts to rig interest rates

Jill Treanor, City editor
guardian.co.uk, Sunday 1 July 2012 18.02 EDT

Marcus Agius, the chairman of Barclays, is resigning in a move intended to take some of the pressure off the embattled bank's chief executive, Bob Diamond, who has faced calls to quit following the interest rate fixing scandal.

Amid growing political pressure for a top-level departure – and a weekend of high drama during which the bank insisted on Saturday that Agius had no plans to go – the chairman's departure is expected to be announced with an apology. Agius is expected to say he is "truly sorry" for the interest rate rigging fine which "let down" customers and employees.

He is likely to stay on while a full-time successor is found, as the Financial Services Authority, the City's regulator, would need to approve the position.

Continued:
http://www.guardian.co.uk/business/2012/jul/01/barclays-chai...