Marcus Agius has announced his resignation as chairman of Barclays in the midst of the Libor-fixing scandal.
He will stay in the position until his successor is found. Sir Michael Rake has been appointed deputy chairman.
“This has been a period of unprecedented stress and turmoil for the banking industry in particular and for the wider world economy in general,” said Agius.
“Barclays has been well served by an excellent executive team – led, first by John Varley, and now by Bob Diamond – which has worked constructively with a strong and supportive board of directors.”
He added: “But last week’s events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays reputation. 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.”
Pressure is still mounting on Diamond to stand down despite his statement to investors last week that he had no intention of quitting.
So in one breath Agius claims 'Barclays has been well served by an excellent executive team' but in the next that the situation is SO serious that he feels he has to step down. Perhaps he is a decent man trying not to tarnish the remaining senior execs. but as he was not the guy actually running the show it is less his fault than that of the ;excellent executive team', so they are the one who should go.