Marcus Agius has confirmed that he will step down as chairman of Barclays, and said that the scandal involving price-fixing of interbank lending rates had dealt “a devastating blow” to the crisis-hit bank

Marcus Agius has confirmed that he will step down as chairman of Barclays, and said that the scandal involving price-fixing of interbank lending rates had dealt “a devastating blow” to the crisis-hit bank.

Barclays on Monday said it would launch an audit of its business practices, as part of moves to restore its reputation and “establish a zero-tolerance policy for any actions that harm the bank”.

“Last week’s events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays’ reputation,” said Mr Agius.

To read the full story, visit ft.com