Marcus Agius is resigning as the chairman of Barclays.

Business editor Robert Peston and political editor Nick Robinson give their analysis to the news.

Terry Smith, chief executive of city firms Tullett Prebon and Fundsmith, said that if he were a betting he would "bet against" Barclays chief executive Bob Diamond keeping his job.

Speaking to the Today programme, he explained that once you allow in a single organisation to combine traders with retail bankers "you will get problems".

He said the City would "breath a weary kind of sigh" if an inquiry into banking practices was set up by the government.

He told James Naughtie that an enquiry should look into whether the "overall structure of banking is wrong" rather than one particular individual or incident.

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