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    Dec 2009


    Default Barclays chairman steps down after rates scandal

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    The chairman of Barclays Bank, Marcus Agius, announced his resignation on Monday after accepting responsibility for a price-fixing scandal that saw the bank slapped with trans-Atlantic fines of $453 million.

    Last week, the US and British agencies imposed the fines on Barclays for submitting false data on interbank borrowing rates between 2005 and 2009. The bank’s executives have been under fire since then and the calls are growing for chief executive Bob Diamond to quit too.

    “As chairman, I am the ultimate guardian of the bank’s reputation,” said Mr. Agius, who had led the board since 2007. “Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside.”

    Mr. Agius also submitted his resignation as chairman of the British Bankers Association, the trade body that helps to calculate the interbank borrowing rates.

    Barclays shares were up 5.2 per cent at 171 pence in midmorning trading in London. Its share price has fallen sharply since the imposition of the fine.

    In a further attempt to soothe critics, Mr. Agius said Michael Rake, a senior independent director of the bank, has been appointed to lead an in-house review of all past practices and to publish a report of its findings and develop a new, mandatory code of conduct for everyone at Barclays.
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