24 Jul 2012

Barclays deputy chairman rules himself out

12:28 pm on 24 July 2012

Barclays deputy chairman Sir Michael Rake has ruled himself out of the running to be the bank's chairman.

Sir Michael had been considered the frontrunner to replace the incumbent, Marcus Agius.

Mr Agius quit due to the Libor interest rate fixing scandal, but then had to take on the running the bank following the departure of chief executive Bob Diamond.

Barclays is under pressure to appoint someone from outside the bank.