Barclays chairman to quit Monday
Pressure has built on CEO Bob Diamond and Agius to quit following a $453 million fine for Barclays by British and U.S. regulators.
Barclays Plc Chairman Marcus Agius is set to quit today as the interest rate rigging scandal takes its first major scalp and threatens to widen to other banks, raising questions about the involvement of the Bank of England.
Agius, chairman at Barclays for 5 1/2 years, is expected to resign on Monday, a person familiar with the matter said. Pressure has built on CEO Bob Diamond and Agius to quit following a $453 million fine for Barclays by British and U.S. regulators last week for submitting inaccurate submissions on the Libor interest rate. A key conversation held in October 2008 that was last week highlighted in documents about the scandal was between Bank of England Deputy Governor Paul Tucker and Diamond, people familiar with the matter said.
Some at Barclays mistakenly believed the bank had permission to submit artificially low Libor estimates after that conversation, the documents showed.