Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Is Carla Bruni against a political comeback for Sarkozy?

Read more

DEBATE

Clone of Pakistan Protests: Democracy put the test (Part Two)

Read more

DEBATE

Pakistan Protests: Democracy put the test (Part One)

Read more

ENCORE!

The French Maestro of Soul

Read more

FOCUS

US tobacco giants want lion's share of e-cigarette business

Read more

ENCORE!

Bold and bonkers: Kate Bush is back on stage

Read more

THE INTERVIEW

Simon Serfaty, US foreign policy specialist

Read more

IN THE PAPERS

'It's a War, Stupid!'

Read more

BUSINESS DAILY

French PM calls on ECB to go further to help economy

Read more

  • UN backs inquiry of IS group’s alleged crimes in Iraq

    Read more

  • French education ministry picture sparks racist abuse

    Read more

  • Video: Ukraine’s children return to school as fighting rages on

    Read more

  • US urges Israel to reverse West Bank land seizure

    Read more

  • Lesotho PM calls for regional peacekeeping force after ‘coup’

    Read more

  • Ukrainian forces retreat from Luhansk airport after clashes

    Read more

  • Teddy Riner, France’s unstoppable judo champion

    Read more

  • Death toll rises in Paris apartment building blast

    Read more

  • Iraqi forces free Amerli in biggest victory over IS militants since June

    Read more

  • French police arrest hungry hedgehog hunters

    Read more

  • Tripoli under control of militias, says government

    Read more

  • Monaco’s Falcao set for Man Utd loan on transfer deadline day

    Read more

  • Spain orders custody for parents of ill British boy

    Read more

  • Anti-government protesters storm Pakistan's state TV

    Read more

  • Putin calls for talks on 'statehood' for east Ukraine

    Read more

  • Web doc on French self-immolation protests takes top prize

    Read more

Business

Barclays chairman quits over rate-fixing scandal

Video by Stephen Carroll

Text by News Wires

Latest update : 2012-07-02

Barclays confirmed Monday that its chairman, Marcus Agius, has stepped down following an interest-rate rigging scandal that saw the bank fined over $400 million (315 million euros) last week by US and British regulators.

REUTERS - Barclays Plc Chairman Marcus Agius quit on Monday, saying an interest rate rigging scandal had dealt “a devastating blow” to the bank’s reputation and “the buck stops with me”.

Agius, chairman at Barclays for 5-1/2 years, will stay in his position until a succession plan is in place.

The move may be seen as an attempt to take the heat off Chief Executive Bob Diamond, who along with Agius has faced calls to resign after the bank was last week fined $453 million by British and U.S. regulators for submitting inaccurate submissions on the Libor interest rate.

“Last week’s events - evidencing as they do unacceptable standards of behaviour within the bank - have dealt a devastating blow to Barclays reputation ... the buck stops with me and I must acknowledge responsibility by standing aside,” he said in a statement.

Barclays has admitted that some of its traders attempted to manipulate the setting of the London interbank offered rate (Libor), which is used worldwide as a benchmark for setting prices on about $350 trillion of derivatives and other financial products.

The scandal threatens to draw in more banks and potentially regulators and authorities.

“I am truly sorry that our customers, clients, employees and shareholders have been let down,” Agius said.

The bank said it would launch an audit of its business practices, led by Michael Rake, its senior independent director who will move up to deputy chairman.

The audit will undertake “a root and branch review of all of the past practices that have been revealed as flawed” and assess implications for its practices and culture.

Date created : 2012-07-02

  • BANKING

    Barclays boss fights for job amid UK market-fixing probe

    Read more

  • JUSTICE

    Rogue trader Kerviel asks for acquittal as appeal trial ends

    Read more

COMMENT(S)