Barclays Chairman said to be poised to resign..and does

Barclays Plc (BARC) Chairman Marcus Agius plans to resign after the bank was fined a record 290 million pounds ($455 million) for trying to rig interest rates, sparking a political outcry, according to a person briefed on the matter.

An announcement may come as soon as today, said the person, who asked not to be identified because the move hasn’t been made public. Agius, 65, has been chairman of Britain’s second-largest bank by assets since January 2007.

He is the most senior executive to offer to step down following probes by global regulators into whether lenders colluded to manipulate Libor. Chief Executive Officer Robert Diamond remains under pressure from lawmakers after U.K. and U.S. regulators found the lender “systematically” attempted to rig the London and euro interbank offered rates for profit.

“Politicians will see this as him taking a bullet for Bob Diamond,” said Christopher Wheeler, a London-based banking analyst at Mediobanca SpA. “They realized they needed to do something, and Agius was chairman during the time they got fined for — but will it be enough?”

Both Diamond and Agius have been called to appear this week before British lawmakers on the Treasury Select Committee. Separately, the U.K. government is preparing an inquiry into the future of Libor, including introducing criminal penalties for people who breach rules surrounding the rate, said a Treasury spokesman, who declined to be named citing government policy.

Marcus Ambrose Paul Agius (born 22 July 1946) is a British-Maltese financier and businessman, currently the Group Chairman ofBarclays, although it was announced on July 1 2012 that he is to resign as chairman. He also serves on the BBC’s new executive board as a senior non-executive director.

He holds a M.A degree from Trinity Hall, Cambridge, followed by an M.B.A from Harvard Business School. Marcus, lives in London with his wife and two children.

Marcus banking career began at the investment bank, Lazard, where he worked from 1972 to 2006 holding several senior positions. He was appointed as the Chairman of the London branch of Lazard in 2001 and Deputy Chairman of Lazard LLC in 2002.

Marcus, a Roman Catholic; married Katherine (born 1949), daughter of Edmund de Rothschild of the Rothschild banking family of England and has a close involvement with the Rothschild family estate, Exbury Gardens in Hampshire. They have two children.

He is also a passionate gardener and art collector.


check the history..this guy ticks all the boxes..good riddance..and this is only the tip of the iceberg..i see fraud like this about to embroil many more banks..


~ by seeker401 on July 3, 2012.

2 Responses to “Barclays Chairman said to be poised to resign..and does”

  1. Just another “Mission Accomplished”

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