The chairman of Barclays, a London-based British multinational banking and financial services company, has stepped down from his post over the interest rate rigging scandal at the bank.
Marcus Agius, the chairman of Barclays for the past five years, has resigned over the bank’s “misconduct” after revelations were made about the lender’s manipulation of the London interbank lending rate and its equivalent in Europe.
"I am truly sorry that our customers, clients, employees and shareholders have been let down”, Agius said.
Vince Cable, the British Business Secretary, previously backed calls for a criminal investigation into bankers being involved in the scandal, as it cost the bank record fines of £290 million.
Agius is expected to face MPs on the Treasury Select Committee on Thursday. The hearing is said to take place irrespective of his decision to stand down.
Moreover, Barclays bank had previously been letting down its customers in another scam regarding its rules and regulations on personal loans. A local investigation found that the bank was sending payments to itself unauthorized, from its customer’s current accounts.
Barclays customers with outstanding arrears subject to personal loans found that large amounts of funds were leaving their account with no warning or request for authorization.