Frontrunner pulls out of Barclays race

The leadership crisis at Barclays continued to plague the embattled bank today after the frontrunner for the role of chairman confirmed his withdrawal from the race.

Barclays deputy chairman Michael Rake has informed executive chairman Marcus Agius, the man he was tipped to replace, that he does not wish to be a candidate for the role.

The surprise move was confirmed by low-cost airline easyJet, for which Sir Michael is chairman, in a short statement released to the stock exchange.

Barclays, which was hit with £290m (€372m) of fines following the Libor affair, is also without a chief executive after the departures of Bob Diamond and chief operating officer Jerry del Missier in the wake of the scandal.