Arab Today, arab today marcus aigus steps down after ratefixing scandal
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Barclays chairman confirms resignation

Marcus Aigus steps down after rate-fixing scandal

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Arab Today, arab today Marcus Aigus steps down after rate-fixing scandal

Marcus Agius announced his resignation over the rate-fixing scandal
London - Agencies

Marcus Agius announced his resignation over the rate-fixing scandal Marcus Agius has confirmed he will resign as chairman of Barclays following inter-bank lending rate fixing scandal, reports the BBC. In his statement, Agius said \"the buck stops with me\". It came after Barclays was fined £290m ($450m) for attempting to manipulate the Libor inter-bank lending rate.
Barclays\' chief executive Bob Diamond will appear before the House of Commons Treasury Select Committee on Wednesday.
Agius is due to answer their questions on Thursday.
Barclays said Agius will remain in his post until \"an orderly succession is assured.
Sir Michael Rake, chairman of British Telecom (BT) and senior independent director at Barclays, has been appointed deputy chairman at the bank.
Sir John Sunderland, a non-executive director of Barclays, will begin the search for a new chairman from Monday.
Barclays was fined after the Financial Services Authority (FSA) found its traders had lied about the interest rate other banks were charging it for loans. Investigations are also under way at RBS, HSBC, Citigroup and UBS.
Giving a lower reading than the true rate would give the impression that Barclays was considered a better lending risk than it actually was.
Libor (London Inter Bank Offered Rate) is the rate at which banks in London lend money to each other.
 

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