July 1, 2012
Marcus Agius, the chairman of Barclays, is resigning in a move intended to take some of the pressure off the embattled bank’s chief executive Bob Diamond, who has faced calls to quit in the wake of the interest rate fixing scandal.
Amid growing political pressure for a top-level departure – and a weekend of high drama during which the bank had insisted on Saturday that Agius had no plans to go – the chairman’s departure is expected to be announced with an apology. Agius is expected to say that he is “truly sorry” for the interest rate rigging fine which “let down” customers and employees.
He is expected to stay on while a full-time successor is found as the Financial Services Authority, the City’s regulator, would need to approve the position.