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| Barclays appoints Antony Jenkins as new chief executive | Barclays appoints Antony Jenkins as new chief executive |
| (about 7 hours later) | |
| Barclays has appointed Antony Jenkins to be its new chief executive. | Barclays has appointed Antony Jenkins to be its new chief executive. |
| The appointment follows the resignation of former chief executive Bob Diamond in the wake of the Libor interest rate-fixing scandal. | The appointment follows the resignation of former chief executive Bob Diamond in the wake of the Libor interest rate-fixing scandal. |
| Mr Jenkins currently runs Barclays Retail and Business Banking and has been a member of the group's executive committee since 2009. | Mr Jenkins currently runs Barclays Retail and Business Banking and has been a member of the group's executive committee since 2009. |
| The announcement comes a day after Barclays said the Serious Fraud Office was investigating the bank. | The announcement comes a day after Barclays said the Serious Fraud Office was investigating the bank. |
| Barclays said the SFO was investigating payments between the bank and Qatar Holding LLC, part of sovereign wealth fund Qatar Investment Authority. | Barclays said the SFO was investigating payments between the bank and Qatar Holding LLC, part of sovereign wealth fund Qatar Investment Authority. |
| The inquiry relates to events in 2008, when Barclays was raising money from Middle East investors during the banking crisis. | The inquiry relates to events in 2008, when Barclays was raising money from Middle East investors during the banking crisis. |
| 'Serious mistakes' | 'Serious mistakes' |
| In a statement, Mr Jenkins said he was "very proud to have been asked to lead Barclays", where he began his career nearly 30 years ago. | In a statement, Mr Jenkins said he was "very proud to have been asked to lead Barclays", where he began his career nearly 30 years ago. |
| But he admitted: "We have made serious mistakes in recent years and clearly failed to keep pace with our stakeholders' expectations." | But he admitted: "We have made serious mistakes in recent years and clearly failed to keep pace with our stakeholders' expectations." |
| Mr Jenkins takes over at a difficult time for the banking group, which has seen its reputation severely dented. | Mr Jenkins takes over at a difficult time for the banking group, which has seen its reputation severely dented. |
| In June, it was fined £290m by UK and US regulators for manipulating Libor, an interbank lending rate which affects mortgages and loans. | In June, it was fined £290m by UK and US regulators for manipulating Libor, an interbank lending rate which affects mortgages and loans. |
| Mr Jenkins will start on a basic salary of £1.1m, with a potential annual bonus worth up to 250% of his salary subject to performance. | Mr Jenkins will start on a basic salary of £1.1m, with a potential annual bonus worth up to 250% of his salary subject to performance. |
| On top of this, he may be eligible for a long-term incentive bonus worth a maximum of 400% of his salary. | On top of this, he may be eligible for a long-term incentive bonus worth a maximum of 400% of his salary. |
| Barclays chairman Marcus Agius said Mr Jenkins was chosen "because of his excellent track record transforming Barclaycard and Retail and Business Banking". | Barclays chairman Marcus Agius said Mr Jenkins was chosen "because of his excellent track record transforming Barclaycard and Retail and Business Banking". |
| Mr Agius resigned as chairman following the Libor scandal, but agreed to stay on until a new chief executive was found. | Mr Agius resigned as chairman following the Libor scandal, but agreed to stay on until a new chief executive was found. |
| He will be replaced by Sir David Walker. | He will be replaced by Sir David Walker. |
| The scandal also led to the resignations of the group's chief executive, Bob Diamond, and its chief operating officer, Jerry del Missier. | The scandal also led to the resignations of the group's chief executive, Bob Diamond, and its chief operating officer, Jerry del Missier. |
| Mr Jenkins was chief executive of Barclaycard from 2006 to 2009. | Mr Jenkins was chief executive of Barclaycard from 2006 to 2009. |
| Commenting on the appointment, Keith Bowman, equity analyst at Hargreaves Lansdown Stockbrokers, said: "The bank's fight to restore its reputation continues. | Commenting on the appointment, Keith Bowman, equity analyst at Hargreaves Lansdown Stockbrokers, said: "The bank's fight to restore its reputation continues. |
| "The chairman-elect has clearly given his stamp of approval, with the group appearing to signal a move back to its retail banking roots. | "The chairman-elect has clearly given his stamp of approval, with the group appearing to signal a move back to its retail banking roots. |
| "The former head of Barclaycard appears untarnished by the Libor scandal, and given his group experience, provides something of a running start." | "The former head of Barclaycard appears untarnished by the Libor scandal, and given his group experience, provides something of a running start." |