Barclays chairman resigns over interest rate manipulation scandal
NEW YORK — British authorities turned up the heat on Barclays as its chairman, Marcus Agius, became the first big casualty of a scandal involving attempts to manipulate key interest rates.
Agius' resignation Monday came as political and financial observers called for further resignations, starting with that of Bob Diamond, the bank's chief executive.
Lloyds and the Royal Bank of Scotland were also among about 20 major Western banks that have come under investigation by U.S. and British authorities for allegedly trying to manipulate the London interbank offered rate, or*LIBOR, a benchmark for interest rates on corporate and consumer loans.
Authorities in the United States and Britain announced last week that Barclays agreed to pay more than $450 million in fines to settle probes into the matter.