Barclays has announced its chief executive Antony Jenkins is to step down.
A "new set of skills were required" at the helm of the group, Barclays deputy chairman Deputy chairman Sir Michael Rake said.
He added that new leadership was required to accelerate the pace of change at the lender.
I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors. Notwithstanding Antony's significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.
The bank said it will appoint chairman John McFarlane as executive chairman from July 17 until a successor is found.
Antony Jenkins, chief executive at Barclays, apologised for the bank's role in the scandal.
The misconduct at the core of these investigations is wholly incompatible with Barclays' purpose and values and we deeply regret that it occurred.
I share the frustration of shareholders and colleagues that some individuals have once more brought our company and industry into disrepute.
RBS has also so far dismissed three staff and a further two are suspended.
The serious misconduct that lies at the heart of today's announcements has no place in the bank that I am building.
Pleading guilty for such wrongdoing is another stark reminder of how badly this bank lost its way and how important it is for us to regain trust.
A look at the huge numbers at play in the foreign exchange (Forex) markets as five big banks receive huge fines for manipulating the rate.Read the full story ›
Royal Bank of Scotland i among five banks hit with fines over involvement in the rigging of global currency markets and has agreed to pay $669 million (£430 million) to US authorities.
It comes on top of a £399 million penalty last November, including £217 million by the FCA and $290 million (£186 million) by the US Commodity Futures Trading Commission (CFTC).
Barclays has agreed a total of £1.53 billion in fines with both US and UK authorities amid a raft of new settlements with banks over their involvement in the rigging of global currency markets.
The British banking giant's penalty includes a record £284.4 million to the UK's Financial Conduct Authority and the group pleaded guilty to a violation of anti-trust law in the US.
Authorities have fined five of the world's largest banks, including JPMorgan, Chase & Co and Citigroup inc, roughly $5.7 billion over manipulation of foreign exchange rates, the US Department of Justice said.
Four of them also agreed to plead guilty to US criminal charges.
UBS AG will plead guilty to rigging benchmark interest rates, the Justice Department said.
Barclays will pay $650 million in criminal penalties and Royal Bank of Scotland $395 million. Each will plead guilty to one felony count of conspiring to fix prices and rig bids for U.S. dollars and euros in the foreign exchange spot market.
Barclays also will pay an additional $1.3 billion to settle with the New York state Department of Financial Services, the US Commodity Futures Trading Commission and the UK's Financial Conduct Authority, authorities said.
As part of the New York banking regulator's agreement, Barclays will fire eight bank employees involved with rigging foreign exchange rates, the New York regulator said.
The head of Barclays bank has told ITV News he wants to see the end of 'free banking' in a bid to encourage more competition on the high street.
Antony Jenkins, group chief executive of the chain, said not charging customers for opening current accounts meant it was difficult to people to compare deals, and meant a lower number of people switching banks.
Mr Jenkins said while some paid-for accounts were available, it was not across the board - and said it was difficult for any one bank to make the first move for fear of driving customers to rival free models.