British banking giant, Barclays plc, has appointed the head of its retail banking business to lead the firm, replacing Bob Diamond, who resigned in the wake of the LIBOR scandal.
Barclays announced that the current head of it retail and business banking business, Antony Jenkins, will take over as chief executive. Jenkins has been a member of the firm’s group executive committee since 2009.
Diamond stepped down in July as the scandal surrounding the firm’s alleged manipulation of the key benchmark interest rate, known as LIBOR, grew.
Commenting on his appointment, Jenkins praised the bank and its staff, but acknowledged the recent scandal, saying, “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.”
The firm’s chairman, Marcus Agius, also resigned amid the LIBOR scandal. Earlier this month, it was announced that David Walker will take over for him on Nov. 1. Upon his appointment, Walker indicated that finding a new CEO for the bank was his top priority.
“The field of short-listed 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,” said Walker.