London ( CNN ) -- Barclays bank took out large UK newspaper ads Saturday to say sorry to `` all Barclays customers and clients '' in the wake of a rate-rigging scandal which has hammered its reputation . The public apology , printed in papers including the Financial Times and the Times of London and signed by outgoing chairman Marcus Agius , says the bank is `` truly sorry for what has happened and that you have been let down . '' It continues : `` It is our actions now over the coming months and years that will make the difference . `` You are the lifeblood of our business , and we will not allow ourselves to be distracted from what really matters -- delivering for you , day in and day out . '' Barclays is determined to put its customers `` at the heart of everything we do '' and must earn the right to retain their business , the statement concludes . Agius 's resignation as chairman was announced 12 days ago , as the scandal over the rates at which banks lend each other money gathered pace . He will step down once a replacement is found . Following wide pressure , the bank 's former chief executive , Bob Diamond , resigned a day later . The scandal involves a lending rate , known as the London interbank offered rate , or Libor , which is set every morning by banks posting the rate at which they are willing to borrow with the British Bankers ' Association . The BBA publishes Libor as a result of this . The Libor affects how much interest ordinary people pay on everything from credit card debt to home mortgages and student loans . Barclays was fined $ 450 million by British and American regulators last month after admitted some of its trading desks purposely under-reported its interest rates . A report from the UK 's Financial Services Authority concluded the rate-fixing scandal was of the `` utmost seriousness . '' Between 2005 and 2009 , when Diamond was in charge of the investment branch of Barclays bank , traders were influencing the pricing of rates which impact up to $ 800 trillion of securities . E-mails revealed as part of the rate-fixing investigation showed traders were seeking beneficial rates for their trading positions . Diamond has blamed the wrongdoing on 14 traders out of `` a couple thousand . '' During the credit crisis of 2007 and 2008 , Barclays ' high Libor postings came under scrutiny and the bank , concerned about `` unfounded negative perceptions , '' lowered its Libor submissions , according to Barclays notes to the Treasury Committee . A host of other banks , including Deutsche Bank , Royal Bank of Scotland , Credit Suisse , Citigroup , JPMorgan Chase and UBS , are being investigated by regulators . Lawsuits have been filed against the banks in the United States , and are being prepared in the UK . CNN 's Isa Soares and Alex Felton contributed to this report .
Barclays says it is `` truly sorry for what has happened and that you have been let down '' It pledges to work for its clients and customers and earn right to keep their business . The bank has been rocked by a rate-rigging scandal that has forced out top executives . Barclays was fined $ 450 million last month by British and U.S. regulators .