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Nick Clegg says British banks are "a source of shame"

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Clegg: Banks "a source of embarrassment and shame"

Deputy Prime Minister Nick Clegg had told Newsround that British banks have become "a source of embarrassment and shame" after the recent scandals.

Last week, Barclays bank was fined £290m after an investigation found that people working for them had lied to try to make more money.

The boss of Barclays, Marcus Agius has stepped down from his job today.

The Prime Minister David Cameron has said there'll be a full investigation into what he called a "scandal".

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Watch Joe's package about the banking system.

Mr Clegg says bosses at the banks must take responsibility if things go wrong.

He said to Nel, "People at the top of these big banks who earned lots of money, they had these big fat bonuses when things went well.

"They have also got to take the rough with the smooth, they have also got to be responsible when things go wrong on their watch."