Marcus Agius is to bow out as chairman of Barclays on 31 October – the same day that the bank is expected to report a loss following the shock £700m increase in its provision for payment protection insurance.
He is falling on his sword for the £290m Libor-rigging fine but his pain is being cushioned. Agius is being handed an office in the bank's upmarket townhouse in Mayfair and will continue to receive his £750,000-a-year salary. He resigned on 2 July and was on six months' notice – so presumably these benefits will cease next February. Still, it's better than an instant blast of the real world.
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