Barclays to review 'flawed' practices as company confirms Agius resignation over LIBOR scandal

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Barclays has promised a "root and branch review" and announced the resignation of its chairman Marcus Agius following the inter-bank lending rate-fixing scandal.

In a statement, Mr Agius said: "The buck stops with me."

Last week Barclays was fined £290m ($450m) for attempting to manipulate the Libor inter-bank lending rate.

Barclays' chief executive Bob Diamond will appear before MPs on the Treasury Committee on Wednesday.

Mr Agius is due to answer their questions on Thursday.

Mr Agius has also stepped down as chairman of the British Bankers' Association, which is responsible for compiling Libor.

But, Barclays said Mr Agius would remain in his post at the bank until "an orderly succession is assured".

Mr Agius, who also serves on the BBC's executive board, said last week's events were evidence of "unacceptable standards of behaviour within the bank"

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At www.bbc.co.uk

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