Barclays on lookout for new chairman

Barclays Canary Wharf

Barclays has hired head hunters to search for a new chairman just 18 months after Sir David Walker was parachuted into the embattled bank’s boardroom.

The Daily Telegraph reports that Sir David, a former chairman of Morgan Stanley and author of the Walker review into banking, joined the bank while it was still reeling from its £290m fine for its role in rigging the interbank borrowing rate, Libor.

His predecessor, Marcus Agius, had offered to step down after the rate-rigging scandal but was told to stay on for several months to lead the search for a new chief executive after Bob Diamond resigned under pressure from the Bank of England.

Sir David is not expected to step down as Barclays chairman until the Summer next year when he will have served for three years. However the ready appointment of headhunters illustrates the difficulty in finding a replacement.

To access the complete Daily Telegraph article hit the link below:

Barclays begins hunt for new chairman

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