Barclays Chairman quits following Libor scandal

Marcus Agius, the Chairman of UK banking group Barclays announced his resignation at the weekend, following the revelation last week that the bank had been found guilty of manipulating interbank lending rates.

Marcus Agius, the Chairman of UK banking group Barclays announced his resignation at the weekend, following the revelation last week that the bank had been found guilty of manipulating interbank lending rates.

The bank is to pay a £290m fine to UK and US regulators after it was found attempting to control submissions for the London Interbank Offered Rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR) to benefit the bank's interest rate derivatives traders. Libor and the Euribor are benchmark reference rates that indicate the interest rate that banks charge when lending to each other.

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