Barclays appoints new chief executive

Antony Jenkins, former head of retail and business arm, vows to restore bank’s reputation as it faces SFO inquiry

Barclays has appointed its head of retail and business banking Antony Jenkins as chief executive to replace Bob Diamond, who was forced out by the Libor scandal.

Jenkins’s appointment comes as the Serious Fraud Office launches an investigation into payments made after Barclays tapped Middle Eastern investors for emergency funds in 2008.

The inquiry – which relates to the disclosure of fees paid to the sovereign investor Qatar Holding – represents the latest blow to the bank, which lost Diamond and chairman Marcus Agius after being fined £290m by US and UK regulators for its role in the Libor fixing scandal.

Jenkins, who topped the list of internal candidates, will take over the role immediately and has pledged to restore the bank’s reputation. He joined the Barclays executive committee in November 2009. He was previously head of Barclaycard.

Barclays also released details of Jenkins’s pay package, which includes an annual salary of £1.1m and potential bonuses worth up to 250% of salary.

Sir David Walker, Barclays’ chairman-elect, said: “The field of shortlisted candidates that I met was very strong, and it was clear that Antony was the outstanding choice. His track record, familiarity with the Group and vision for the future are all highly compelling. I look forward to working with him closely to make that vision a reality.”

Jenkins, 51, and from Stoke-on-Trent, said: “I am very proud to have been asked to lead Barclays, where I began my career nearly 30 years ago,” Jenkins said.

“Barclays is a strong universal bank, with many assets, including market leading businesses; talented and engaged staff; and long-standing clients and customers. But we have made serious mistakes in recent years and clearly failed to keep pace with our stakeholders’ expectations.

“We have an obligation to all of those stakeholders – customers, clients, shareholders, colleagues and broader society – and a unique opportunity to restore Barclays reputation by making it the “go to” bank in all of our chosen markets. That journey will take time, we have much to do, and I look forward to getting started immediately.”

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