Barclays just published a statement announcing the resignation of its Chairman Marcus Agius.
The move is directly related to the the LIBOR-fixing scandal that the bank is currently embroiled in. Agius wrote:
But last week’s events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays reputation. 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 will stay on until the Board’s succesion has been “assureed.”
EARLIER, July 1, 2012, 2:15 PM EST
Jill Treanor at UK newspaper The Guardian is reporting that Barclays Chairman Marcus Agius is on the verge of resigning thanks to the bank’s massive penalty last week over manipulating LIBOR (the rate at which banks lend to each other).
According to the report, as of yesterday still, Barclays was denying that Agius had any plans to leave…
The frenzied speculation about a boardroom shakeup at Barclays is taking place as the chief executive, Bob Diamond, and Agius prepare to be questioned by MPs on the Treasury select committee this week. Efforts are gathering pace to establish what the board knew about attempts to rig interest rates that landed the bank with a record £290m fine last week.
The exact timing of Agius’s departure is unclear but it is likely to take place in the coming days, possibly on Sunday night.
The fine, and embarrassing emails disclosing the way that traders attempted to manipulate the interest rates, unleashed a wave of political fury which will intensify this week when MPs hold their hearings on Wednesday and Thursday.