Barclays PLC (NYSE:BCS) (LON:BARC) has been in a lot of trouble of late, and it has not come without its price. Three top positions in the company’s executive branch have now been vacated by their holders, and they have paid the price in the full view of the public.
The latest addition to Barclays PLC (NYSE:BCS) (LON:BARC)’s staff, came on Friday, when they appointed David Walker as the new chairman. Walker will have his hands full, as he tries to overcome the scandal of the LIBOR rigging, which its executives took part in. They have paid out $450 million, in relationship to the scandal, and the bleeding of funds has hurt the bank in investors eyes.
The bank has sought to imporve its customer service in the wake of the LIBOR scandal, and has added new features to its banking system. One of the major changes was the addition of Pingit, a mobile app, which allows customers to transfer funds using their smartphones.
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Walker, is reported by Reuters, to have said he is not interested in reducing the bank’s investment banking role, but rather he believes that the company should remain a “universal bank”. He has also indicated to other sources that he is not inclined to stick to his predecessors programs and policies, but that he would be looking to make changes to further the bank’s influence, and power. He said “I am not committed to anything, except getting it right.”
Barclays PLC (NYSE:BCS) (LON:BARC) could use some good publicity at the moment, and the fact that Walker is planning on making changes, seems to be a push in the right direction. Investors now have someone who exudes confidence, and who also, at 72 years old, has verifiable experience in the business.
Walker’s primary task is to choose a new CEO, and he indicated that he would be doing so in a matter of days.
Will this be what it takes to save Barclays PLC (NYSE:BCS) (LON:BARC) in the public eye? I don’t know, but any move away from corruption, and toward the truth, seems like a good one to me. I suppose we will have to wait and see what happens over the next few weeks, as Walker is set to assume his duties in September.