Investors and analysts reacted positively Friday to Barclays' appointment of its new chairman, Sir David Walker, an industry veteran who has called for curbs on the banking industry's excesses.
The scandal-hit bank announced on Thursday that Walker, whose former posts include deputy governor of the Bank of England and chairman of Morgan Stanley International, would become chairman on Nov. 1. He replaces Marcus Agius, who offered his resignation after Barclays was fined $453 million by U.S. and British regulators for manipulating a key market index, the London interbank offered rate (LIBOR).
Barclays shares were up 3.4 per cent on the London Stock Exchange, outperforming the FTSE 100 index, which was trading 0.2 per cent lower.
Walker, 72, says he will be "fully engaged" in the selection of a chief executive to replace Bob Diamond, who also resigned in the wake of the scandal. Walker led a review of corporate governance in the financial sector that criticized "inadequate control, unduly narrow focus and serious excess in executive pay. -
