Barclays chairman resigns over Libor scandal

Barclays Chairman Marcus Agius quit on Monday, saying that the interest rate rigging scandal had dealt a devastating blow to the bank's reputation.

"Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside," he said in a statement.

"Last week's events - evidencing as they do unacceptable standards of behaviour within the bank - have dealt a devastating blow to Barclays reputation," he added.

Agius will remain in post until an orderly succession is assured and Michael Rake has been appointed Deputy Chairman.

U.S. and British agencies imposed fines totaling $453 million on Barclays last week for submitting false data used in setting the London interbank offer rate, LIBOR, a key market index, between 2005 and 2009. The bank submitted that data to make its financial position appear stronger.