Sir David Walker plans to stop rewards for failure at Barclays

 
Tim Wallace
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NEW BARCLAYS chairman Sir David Walker is already working on finding a new chief executive for the beleaguered bank, it emerged over the weekend, and hopes to make his choice within the next six weeks – well before he formally takes up the position in November.

The incoming boss also said he wants to clamp down on excessive pay, and plans a shakeup of incentive structures to promote good behaviour.

He told the Sunday Times he is only “in favour of big pay provided big pay is earned and structured.”

The city grandee, who headed a 2009 investigation into the way the sector works, also said he wants to rapidly implement the Vickers plans, ring-fencing the retail bank from the investment operations ahead of the 2019 deadline.