Barclays said on Monday it would launch an independently led audit of its business practices as chairman Marcus Agius confirmed he would resign, taking responsibility for last week's $453m settlement of an interest-rate manipulation probe.

"Last week's events, evidencing as they do unacceptable standards of behaviour within the bank, have dealt a devastating blow to Barclays' reputation," Agius said in a statement on Monday. "As chairman, I am the ultimate guardian of the bank's reputation. Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside."