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Barclays chairman steps down after rates scandal

world Updated: Jul 06, 2012 09:23 IST

The chairman of UK based Barclays bank has stepped down, accepting responsibility for a scandal regarding the manipulation of data by his bank which led to a massive fine.

Marcus Agius, who has served as chairman for about 6 years, announced on Monday that he was accepting responsibility as "ultimate guardian of the bank's reputation."

Agius said, "The buck stops with me and I must acknowledge responsibility by standing aside."

He said that Michael Rake, a senior independent director of the bank, had been appointed to lead an in-house review of all past practices, to publish a report of its findings and develop a new, mandatory code of conduct for everyone at Barclays.

US and British agencies imposed fines totaling $453 million on Barclays last week for submitting false data.