By Simon Miller
Barclays' head of retail and business banking Antony Jenkins has been appointed as group chief executive of the bank.
With Sir David Walker coming in as the bank's chairman, Jenkins appointment will be seen as a clean sweep for Barclays following the Libor manipulation scandal.
In a statement, Jenkins said that the bank had made "serious mistakes in recent years and clearly failed to jeep pace with stakeholders' expectations".
He added: "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."
Jenkins currently leads Barclays Retail and Business Banking (RBB) business. He has been a member of the Group Executive Committee of Barclays since 2009. His role as CEO for RBB includes responsibility for retail banking in Barclays Africa and Absa and he also represents Barclays as a non executive Director on the Board of Absa Group Limited and Absa Bank Limited.
His annual salary will be £1,100,000 and his annual incentive award opportunity will be up to a maximum of 250% of salary.
Jenkins' appointment comes the day after Barclays admitted it was being investigated by the Serious Fraud Office in relation to “payments under certain commercial agreements between Barclays and Qatar Holdings”.
The investigation comes after the bank said that four of its current and former managers were being investigate by the Financial Services Authority over payments linked to Qatar's investment of around £2bn in June 2008 when Barclays was trying to avoid state funding.