The former chairman of Barclays has warned that the British economy could be harmed if regulators continue to curb risk-taking in the banking industry.
PA Consulting Group has announced the appointment of Marcus Agius as Non-Executive Chairman as of 1 January 2014.
Barclays did not make any 'illegal payment' to win a banking license in Saudi Arabia, the bank said in a statement in response to a newspaper report last week that said U.S. authorities were looking at whether improper payments were made
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.
The influence that Bank of England governor Sir Mervyn King had in forcing out Bob Diamond as chief executive of Barclays illustrates the need for tougher oversight of the central bank, a powerful committee of MPs concludes in a report on the Libor-rigging scandal.
Barclays finance director Chris Lucas is under investigation by the Financial Services Authority in relation to funds raised in 2008, the embattled bank has revealed .
Barclays was thrown into fresh turmoil on Wednesday when one of the non-executive directors on the board of the scandal-hit bank suddenly quit.
Marcus Agius, the outgoing chairman of Barclays, has revealed that Bank of England governor Sir Mervyn King played the decisive role in forcing former chief executive Bob Diamond to quit last week.
On Monday afternoon Bob Diamond rehearsed for his planned appearance before the Commons Treasury select committee. As his public relations team ran him through question after question that the MPs were likely to fire at him, the American born banker saw that he – and his brash personality – was the main problem facing Barclays bank.
New face required.