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.