Barclays, the global banking titan recently hit by the interbank rate-rigging scandal, has appointed Sir David Walker, a former chairman of Morgan Stanley, as its new chairman.
Sir David will join the bank at the start of September and then succeed Marcus Agius, who announced his resignation as chairman after Barclays was slammed with fines totaling £290 million (around $455 million) in June for misconduct relating to the inter-bank interest rate market, with effect from 1 November this year.
Sir David is currently a senior advisor to US bank Morgan Stanley International, having previously held the position of chairman. Earlier in his 30-year long career, he has worked in various roles in both the private and public sector, including assistant secretary at the treasury, executive director at the Bank of England, chairman and chief executive of the Securities and Investment Board, deputy chairman of Lloyds Bank, vice chairman of Legal & General, and chairman of the London Investment Bankers' Association.
Since 2007, he has completed two independent reports and made recommendations regarding the private equity industry and corporate governance at financial institutions. He also co-led the independent review of the report that the UK Financial Services Authority carried out into the failure of Royal Bank of Scotland.