Barclays Names Insider as New CEO

Antony Jenkins has worked for the British bank for almost 30 years

   

Barclays Names Insider as New CEO

Barclays (NYSE:BCS) has tapped Antony Jenkins as its new CEO, permanently replacing Robert Diamond, who resigned last month in the wake of allegations that the bank participated in a scheme to manipulate the London Interbank Offered Rate (LIBOR).

Jenkins has been with the bank for almost three decades. He previously ran its retail and commercial banking service unit. He noted that the bank has made “serious mistakes in recent years” in a statement released after his appointment as CEO, and vowed to restore Barclays’ reputation.

BankSafe630 200x200 Barclays Names Insider as New CEO
As Scandals Cool, Can We Trust Banks Again?

He assumes the top spot just as the bank faces yet another crisis. Yesterday, Barclays revealed that it is under investigation by the U.K. Serious Fraud Office over potentially illicit payments relating to contracts with Qatar Holdings, the Los Angeles Times noted.

The bank remains under scrutiny for its role in the LIBOR scandal. Last month, it settled with U.S. and U.K. regulators, paying $450 million in fines over the scandal.

In addition to former CEO Diamond, Barclay’s chairman Marcus Agius also stepped aside in July, calling the LIBOR scandal “a devastating blow” to the bank’s reputation.

Shares of Barclays fell more than 1% in Thursday mid-day trading in New York.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/barclays-names-insider-as-new-ceo/.

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