Marcus Agius is poised to resign as chairman of Barclaystoday, in the hope that his departure will take the sting out of mounting criticism from politicians and shareholders over the bank’s role in the price-fixing of interbank lending rates.
Mr Agius has been sharply criticised by investors over several issues during his five-year tenure as chairman – notably in 2008 when they felt he failed to protect their shareholder pre-emption rights by raising emergency financing from the Middle East, then by pushing through last year’s generous pay deal for chief executive Bob Diamond.
It is unclear whether the bank has a firm replacement yet lined up, though Sir Michael Rake, the bank’s senior independent director, may take over as chairman himself on a temporary basis, or alternatively ask Sir John Sutherland, the former Cadbury chairman, or Alison Carnwath, who heads the remuneration committee, to assume the role, according to people close to the situation.