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""Barclays"":http://group.barclays.com/home released a statement Monday morning announcing that chairman Marcus Agius is stepping down in the wake of a scandal that rocked the bank.
[IMAGE]This follows news from last week that Barclays had manipulated interbank lending rates starting as early as 2007. Barclays was fined £290 million (approximately $450 million) by British and U.S. authorities for manipulating the London Interbank Offered Rate (LIBOR).
In a statement, Agius said that last week's events evidence ""unacceptable standards of behaviour within the bank.""
""As chairman, I am the ultimate guardian of the bank's reputation. Accordingly, the buck stops with me, and I must acknowledge responsibility by standing aside,"" said Agius.
The Barclays board will commence the search for a successor immediately. Agius will remain in post until a successor is found.
Agius also announced that the company has agreed to launch an audit of its business practices led by an independent third party. The audit will review all past practices ""that have been revealed as flawed,"" and findings will be published in a public report.
In addition, the firm will install a new code of conduct to prevent future problems. The audit is part of an ongoing program to re-establish the bank's reputation, said Agius.
""I am truly sorry that our customers, clients, employees, and shareholders have been let down. Barclays is full of hard working, talented individuals whose integrity is not in question,"" said Agius. ""It goes without saying that Barclays will continue to have my wholehearted support in the future.""
