BARCLAYS has chosen veteran Sir David Walker as its non-executive chairman, replacing Marcus Agius as it picks up the pieces from the Libor-rigging scandal.
Sir David, 72, is a fixture in the British banking establishment, having led a 2009 government inquiry into banking regulation. He also spent part of his 50-year career at the Bank of England.
He is currently a senior adviser to Morgan Stanley and deputy chairman at NBNK, the investment vehicle that is being wound up after losing out to Co-op in the Lloyds branch sale.
He will spend a minimum of four days a week on his duties at Barclays when he starts in November, and will earn £750,000 a year in the role.
Barclays is still on the hunt for a new chief executive, after losing Bob Diamond to the furore surrounding the bank’s attempts to rig Libor, a key interest rate.