LONDON — Marcus Agius, the chairman of Barclays, resigned on Monday, less than a week after the big British bank agreed to pay $450 million to settle accusations that it had tried to manipulate key interest rates to benefit its own bottom line.
The resignation comes as Barclays tries to limit fallout from the case, which is part of a broad investigation into how big banks set certain rates that affect borrowing costs for consumers and companies. Since striking a deal with American and British authorities last Wednesday, the Barclays management team has faced increasing pressure from politicians and shareholders to take action.The rate, Libor, is currently set based on submissions from a number of the world’s largest banks about how much it would cost them to raise money in the capital markets. Such benchmarks are used to help determine the borrowing costs for $750 trillion worth of financial products, including mortgages, credit cards and student loans.
- Barclays chairman Marcus Agius resigns over rate-rigging scandal (guardian.co.uk)
- Marcus Agius of Barclays Resigns (nytimes.com)
- Barclays chairman Marcus Agius steps down in interest rate scandal (standard.co.uk)
- Barclays Bank Chairman Marcus Agius Confirms Resignation, Bank To Make Audit Reports Public (ibtimes.com)
- Barclays chair quits over Libor, Diamond clings on – Reuters UK (uk.reuters.com)