Barclays Interest Rate Scandal: Agius and Diamond Step Down
Barclays CEO Bob Diamond announced his resignation last week, stating the external pressure has reached a level that risks damaging the franchise and did not want to let that happen. Chairman Marcus Agius also stepped down, all in the wake of the interest rate scandal.
Diamond has been under scrutiny from politicians due to allegedly rigging interest rates, and opted to step down from his director position as well. The search for new leaders began immediately, both internally and externally. As chairman, Agius found the evidence "unacceptable standards of behavior within the bank." Barclays announced they will launch a third-party audit of business practices and install a new code of conduct to prevent future problems. To learn more, click here