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Barclays Appoints New CEO In An Attempt To Restore Credibility

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Amid the tumultuous situations, Barclays PLC (ADR) (NYSE:BCS) (LON:BARC) has taken a bold step to appoint Antony Jenkins, currently the head of the business and retail banking division, as the new chief executive. Jenkins will replace Bob Diamond, who stepped down after Barlcays was fined $450 million by the British and US regulators for manipulating Libor rates. Over a dozen international banks, including Deutsche Bank and HSBC, are on the radar of regulators for Libor manipulation.

Barclays Appoints New CEO In An Attempt To Restore Credibility

Antony Jenkins will take the responsibility immediately. The British bank had been looking for a CEO since June, after the resignation of the then-CEO, Bob Diamond. Jenkins comes at a time when the Serious Fraud Office and Financial Services Authority are investigating into the fees paid to Qatar Holdings. Barclays PLC (ADR) (NYSE:BCS) (LON:BARC) had raised $7.1 billion through sovereign wealth funds in Qatar and Abu Dhabi at the peak of the 2008 economic crisis, in order to avoid government bailout.

Acknowledging the challenges he would face, Jenkins said, “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.”

Oxford-educated Jenkins started his career at Barclays PLC (ADR) (NYSE:BCS) (LON:BARC) in 1983. He has also worked with Citigroup for 17 long years. After coming back to Barclays, he headed the credit card division, BarclayCard, between 2006 and 2009, before joining the executive committee.

Sir David Walker, the chairman-elect who will be replacing Markus Agius in November, said: “The field of shortlisted 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. I look forward to working with him closely to make that vision a reality.”

Antony Jenkins will receive an annual salary of £1.1 million, and his total package could go up to £8.61 million. The total package includes an annual bonus up to 250 percent of the salary and stocks worth a maximum of 400 percent of his salary, under the long-term incentive plan.

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