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In other cases, regulators found that individual traders encouraged colleagues to file false reports to protect their own dealings. The rate data, along with submissions from other banks, are used to set the London interbank offered rate, a key index for financial dealings. A number of other banks including Royal Bank of Scotland, HSBC and Citigroup are also being investigated for possible manipulation of the rate. RBS, 82 percent owned by British taxpayers, declined to comment Monday on news reports that it had fired three traders in London and one in Singapore late last year because of interest rate manipulation. "RBS Group continues to cooperate with the investigations and liaise with the relevant regulators," the bank said. Agius, 65, joined the Barclays board in 2006 and became chairman in January 2007. His banking career began when he joined Lazard, a major asset management and advisory company, in 1972. He served as chairman of Lazard London and then as deputy chairman of the company's worldwide operations. "If anything, by falling on his own sword, Mr. Agius leaves the board temporarily weakened at a time when a strong leader is required to make tough decisions," said Gary Greenwood, analyst at Shore Capital. "While the departure of Mr. Agius will grab the headlines today, the bigger issue remains whether Mr. Diamond should also remain in his role," Greenwood added. "From a pure operational perspective it is not clear to us that his removal would be beneficial, but we question whether the negative sentiment towards the company, of which he is the focus, can be repaired while he remains at the helm."
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