Barclays Bank boss resigns after money scandal

  • 2 July 2012

The chairman of Barclays Bank, Marcus Agius, has resigned from his job.

It comes less than a week after Barclays was fined £290 million for lying about the profits it was making.

It was discovered staff at Barclays weren't telling the truth, so they could make more money for the bank.

It's only now that the facts are starting to come out, but the dishonest dealings happened between 2005 and 2009.

Mr Agius said he needed to accept responsibility for what happened.

Bankers criticised

But the bank's main boss Bob Diamond remains in his job despite pressure from policitians including the Prime Minister.

The Deputy Prime Minister, Nick Clegg, told us at Newsround that Britain's banks have become "a source of embarrassment and shame", and that bankers must take responsibility for their actions.

After the UK started to face big money troubles in 2007, bankers were criticised for being greedy and getting the country into a mess.

In 2008 the Government started to take over the running of several banks, and bosses tried to restore their reputation.

But it's now expected other major banks will be drawn into the latest controversy as the investigations by officials continue.