Marcus Agius who resigned as chairman of Barclays Bank is being seen as sacrificial lamb. “The buck stops with me,” he reasoned following the interbank lending rate-fixing scandal being revealed.
Britain’s banking industry will now come under scrutiny in a parliamentary inquiry that Prime Minister David Cameron has announced. Will other heads roll?
“Now that the Chairman of Barclay’s has fallen on his sword, has taken responsibility for what’s happened, everyone’s asking when are the other senior people at the top of Barclays going to take responsibility for things that happened on their watch,” said Deputy Prime Minister, Nick Clegg
Chief executive Bob Diamond will be grilled by MP’s on Wednesday. He is under increasing pressure to quit.
Investigations are also under way at RBS, HSBC, Citigroup and UBS while the Serious Fraud Office says it will decide within four weeks whether to charge bankers who colluded to fix the interest rate between the London banks.
The prime minister said the parliamentary inquiry would start immediately to get to the truth of what happened.