New Barclays chairman: David Walker takes helm at troubled bank

| August 10, 2012 | 0 Comments

By
Helen Power and James Salmon

16:15 EST, 9 August 2012


|

16:40 EST, 9 August 2012

Barclays’ tainted chairman Marcus Agius will pocket a £375,000 payoff in October when he leaves the bank to make way for his replacement, Sir David Walker.

The bank, seeking to rebuild a reputation battered by the Libor rate-rigging scandal, said Walker, an investment banker, will become chairman on November 1 after joining as a non-executive director within weeks.

Agius, who announced in June he would step down in a botched attempt to save Barclays’ former chief executive Bob Diamond, also owns shares in Barclays worth £412,000.

Grandee: Sir David is deemed to be a safe pair of hands and will bring wide experience to the role

Grandee: Sir David is deemed to be a safe pair of hands and will bring wide experience to the role

The £375,000 payoff equates to six months’ salary.
Sir David had previously been thought too old to take on the role.

The 72-year-old Cambridge-educated banker, who was an adviser to former
Prime Minister Gordon Brown during the financial crisis, will be paid
£750,000 a year for a job that will require him to work just four days a
week.

A former head of Morgan Stanley
International, Sir David has an investment banking background, but with
two major City reviews under his belt – one into the private equity
industry and one into banking standards – as well as stints at the Bank
of England, he is viewed as a safe pair of hands.

Agius – stressing Barclays’ continued
commitment to tarnished investment banking arms – said: ‘Sir David will
be taking over at a time when Barclays’ universal banking model is
delivering a strong performance in difficult markets.’

One of his first jobs as chairman
will be to find a successor for Diamond, who quit after the lender was
hit with a £290million fine for Libor rate-rigging.

The bank has been left in chaos after
four of its most senior executives – including Agius, Diamond and his
right-hand man Jerry del Missier – quit in disgrace.
But the scandals have kept on coming.

Yesterday it emerged that the Serious
Fraud Office in London has been handed details of the Financial
Services Authority’s probe into Barclays’ £11.6billion bailout by Arab
investors in 2008.

The Financial Services Authority is concerned about massive investments made in the bank by the royal family of Qatar.

The deal was masterminded by powerful financier Roger Jenkins, who is dating supermodel Elle Macpherson.

Investigators are focusing on commission payments made by Barclays to middlemen involved in the Gulf deals.

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