Barclays chairman to step down: reports
CHICAGO (MarketWatch) -- The chairman of
Marcus Agius will step down as he prepares to be questioned this week by members of the British Parliament over actions that led to the imposition of a $456 million fine, the reports said. It was levied last week to settle a probe into attempted manipulation and false reporting relating to two benchmark interest rates that form the basis for hundreds of trillions of dollars of transactions.
Chief Executive Bob Diamond and trio of other executives have agreed to give up bonuses this year due to their "collective responsibility as leaders." Diamond also noted that the activities by the bank's traders "fell well short" of its standards.
The Guardian newspaper reported that Michael Rake, a former top accountant and senior independent director on the board of the bank, is seen as a likely candidate for temporary chairman of Barclays (BCS) (BARC) .
There are reports that as many as 15 people have been disciplined or fired due the scandal but Diamond has so far resisted growing political and public pressure to step down.
U.K. Business Secretary Vince Cable has called for a criminal investigation, telling the Manchester Evening News that it is hard to understand why the people behind "what looks like a conspiracy" were allowed to "just walk away".