Barclays, the bank most tarnished by the unfolding scandal over the manipulation of Libor rates, has wrapped up the first step in its quest to track down a new CEO.
Barclays (BCS) named Sir David Walker, a financial and U.K. regulatory industry veteran, to succeed Martin Agius as the bank's chairman. Agius recently told investors that the bank would appoint a chairman before choosing a new CEO.
Agius resigned, and then resumed the chairmanship on an interim basis, after Bob Diamond stepped down as Barclays' CEO last month.
In late June, Barclays agreed to pay $453 million to U.K. and U.S. regulators to settle its role in manipulating Libor, used to set rates on an estimated $10 trillion of loans worldwide, including adjustable-rate mortgages, credit card rates and other small business and consumer loans.
A spokesperson for Barclays declined to comment on the timing of naming a new CEO.
Ahead of his appointment to the chairman role at Barclays, Walker served as a senior adviser to Morgan Stanley (MS), where he also served as chairman. He's also held senior roles at Lloyds Bank, the Bank of England and served at the helm of several U.K. bank regulatory bodies and commissions.
As Walker helps the board of directors choose a new CEO, Agius gave a nod to holding Barclays together.
"[Sir David Walker] will be taking over at a time when Barclays universal banking model is delivering a strong performance in difficult markets," said Agius in a statement.
Walker said his first task, which won't be an easy one, will be to find a new CEO. He officially takes over as chairman on Nov. 1.
Bob Diamond's downfall was swift, but Barclays' board of directors will be forced to take its time choosing his replacement.
The first problem, of course, is that of the missing chairman. Before the board of Barclays (BCS) can choose a new chief executive, the bank's interim chairman, Marcus Agius, said the first priority will be to find his replacement. Agius resigned his post just before CEO Diamond issued his resignation. Following MOREMaureen Farrell - Aug 6, 2012 10:59 AM ET
Barclays (BCS) spent "nearly £100 million" ($157 million) and three years conducting an "exhaustive internal investigation" into its traders and executives' role in manipulating Libor, a key global benchmark interest rate, according to papers prepared by the bank ahead of Chief Executive Officer Bob Diamond's testimony before British lawmakers on Wednesday.
Diamond, who resigned Tuesday, has apologized, and Barclays reiterated the bank's remorse in the document: "These events should never have MOREMaureen Farrell - Jul 3, 2012 1:04 PM ET
Not a member yet?Sign up now for a free account
|Teen millionaire helping Yahoo become cool again|
|"The Hobbit" dispute sparks lawsuit|
|Five things you didn't know about Bernie Madoff's epic scam|
|Stocks falter as budget deal raises taper risk|
|Obamacare: 365,000 have signed up for insurance on exchanges|