Barclays picks Walker to replace Agius as chairman

Barclays has appointed David Walker as new chairman, as the bank pushes to rebuild its reputation following a scandal on the manipulation of the Libor rate which led to the resignation of chairman Marcus Agius and chief executive Bob Diamond.

Walker (pictured) is a former official at the Bank of England and Treasury. He will become non-executive director on September 1, succeding Agius as chairman two months later.

“The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry,” Walker said.

He will drive the search of a new chief executive, a task in which he will be “fully engaged in”.

Commenting on the recruitment process, Agius said the bank has been so far encouraged by the quality of candidates that it had seen so far for the post.

He is currently senior adviser to US investment bank Morgan Stanley, having previously been chairman of its international operations based in London.

He is a former deputy chairman of Lloyds and vice chairman of insurer Legal & General and since 2007 and he co-led the independent review of the report that the Financial Services Authority produced into the failure of Royal Bank of Scotland.

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