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Barclays boss resigns

July 2, 2012

The chairman of Barclays Bank has resigned following a scandal in which the bank was accused of manipulating data in its favor.

https://p.dw.com/p/15P3P
The bank's chairman, Marcus Agius
Image: Reuters

The chairman of Barclays Bank, Marcus Agius, stepped down on Monday after six years in the position.

Barclays fined for interest rate manipulation

"I am truly sorry that our customers, clients, employees and shareholders have been let down," Agius said in a statement published on the bank's website.

Last week, US and British agencies fined Barclays $453 million (358 million euros) for submitting false information used in setting the London interbank offered rate (Libor) between 2005 and 2009.

Libor is defined as the interest rate at which banks can borrow funds from other banks in the London interbank market. The Libor is fixed on a daily basis by the British Bankers' Association (BBA). Agius has also resigned from his post as chairman of the BBA.

Barclays submitted data to make its financial position look stronger than it was.

"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 said in the statement. There had been calls for the chief executive, Bob Diamond, to also step down.

tm,ng/msh (AP, AFP, Reuters,dpa)