Barclays Chairman Reported Quitting In Interest Rate Scandal

on July 01 2012 2:14 PM

Barclays Chairman Marcus Agius is expected to resign on Monday over the Libor interest-rate scandal, British media reported Sunday.

The BBC, Reuters and the Guardian all reported the story, citing sources at the bank.

Barclays declined to comment.

Agius will be the first big name to leave following a $453 million fine for Barclays by UK and U.S. regulators last week for submitting inaccurate Libor submissions, which has prompted calls for both Agius and CEO Bob Diamond to quit.

Barclays declined to comment.

Last week, Barclays agreed to pay $453 million to the U.S. and British authorities to settle allegations that it attempted to manipulate the key London interbank offered interest rate, or Libor, increasing pressure on other banks to cooperate in a long-running probe that analysts say could cost the financial industry billions of dollars.