Barclays chairman quits over Libor

  • Barclays Chairman Marcus Agius has quit saying "the buck stops with me" after an interest rate rigging scandal dealt "a devastating blow" to the bank's reputation.

    Chairman for 5-1/2 years, Agius is the first to step down since the controversy was revealed.

    His resignation has not take the pressure off Chief Executive Bob Diamond to leave his post as well.

    Barclays was fined $453 million by British and U.S. regulators for submitting inaccurate submissions on the Libor interest rate.

    Barclays admitted that some of its traders attempted to manipulate the setting of the London interbank offered rate (Libor), which is used worldwide as a benchmark for setting prices on about $350 trillion of derivatives and other financial products.