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Barclays chair 'to resign'

Barclays chair 'to resign'
Reports suggest the chair of scandal-hit bank Barclays is to resign, amid growing calls for an inquiry into misconduct at British banks.

An announcement about the future of Marcus Agius, who has chaired the bank since 2007, is likely 'first thing in the morning', BBC News has said.

Today it also emerged that state-backed Royal Bank of Scotland has sacked four of its in connection with the Libor interest rate fixing scandal.

There were conflicting reports over how many traders had been sacked by the bank, with most reports suggesting four had lost their jobs while up to ten employees were named in court documents.

The news comes as Vince Cable has backed calls for a criminal inquiry into the scandal which has seen Barclays fined for trying to rig the lending rate.

After former Met commissioner Lord Blair told Sky News this morning that "someone has to launch a criminal inquiry into this behaviour," the Business Secretary commented: "My instincts are with him, and I think the public are as well."

Conservative MP and member of the Treasury Select Committee Mark Garnier also backed calls for a "Leveson-style" inquiry into the banking sector.

Mr Cable has also urged shareholders in UK banks to purge their companies of corrupt executives, who he says have allowed "systemic abuse" to take root in the banking system.

The Business Secretary, writing in the Observer, says that "shareholders have to get a stronger grip on weak boards and out-of-control executives".

Meanwhile Lord Turner, head of the Financial Services Authority, told the BBC's Andrew Marr programme there should be a presumption a director of a failed bank should not work in the industry again.

Ministers have announced an independent review but Labour wants a full public inquiry on banking.

Speaking this morning, Shadow Business Secretary Chuka Umunna said: "This isn’t just a few rogue traders or bad apples, this is something that is cultural. And that’s why we’re calling for a commission to look into this. The industry, the banking sector, have got to wake up and smell the coffee."

A senior Conservative has also been dragged into the scandal. The Independent on Sunday reports that the Conservative deputy chairman, Michael Fallon, is a board member of a leading brokerage firm that dominates the rates market and which has been asked to co-operate with the Financial Services Authority's investigation into malpractice across the City.

 

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