The Libor-rigging scandal has claimed its first scalp, as Barclays confirmed its chairman Marcus Agius is to step down.
Mr Agius, who was chairman for six years, said:
ITV News reporter Sejal Karia reports:
The move comes after Barclays was fined £290 million by UK and US regulators for manipulating the Libor, the rate at which banks lend to each other.
Barclays non-executive director Sir Michael Rake has been appointed deputy chairman, the bank said Mr Agius will remain in post until an "orderly succession is assured."
The bank has also agreed to launch an audit, led by Sir Michael, to review "flawed" past practices that have been revealed.
The audit will have three objectives:
- to undertake a root and branch review of all of the past practices that have been revealed as flawed since the credit crisis started and identify implications for our business practices and culture going forward;
- to publish a public report of its findings; and
- to produce a new, mandatory code of conduct that will be applied across Barclays.
Barclays chief executive Bob Diamond said Mr Agius's decision "deserves all of our respect":