Barclays has announced that it is to appoint Antony Jenkins as chief executive.
Mr Jenkins formerly served as Barclays’ retail and business banking chief. Mr Jenkins will take over his new position with immediate effect.
He takes over from former chief executive, Bob Diamond, who was forced to resign after the Libor interbank rate-rigging scandal broke.
The appointment of Mr Jenkins will disappoint some important shareholders who wanted the bank to appoint a new face, someone with no association with the past. Mr Jenkins has been a part of the bank’s group executive committee since 2009.
The appointment comes a day after Barclays said that the Serious Fraud Office (SFO) was investigating payments made between Barclays and Middle East investors Qatar Holding, part of sovereign wealth fund Qatar Investment Authority.
Mr Jenkins will receive an annual salary of £1.1 million as part of a package that includes potential bonuses of up to 250 per cent of salary and long term incentives worth a possible £4.4 million each year.
Mr Jenkins will attempt to steer Barclays in a more positive direction after the scandals that broke this year but which represented behaviour and a culture that had been part of the fabric of the company since the rise of Barclays Capital and before the financial crisis of 2007.
He will be joined at the top by new chairman Sir David Walker, who replaces Sir Marcus Agius as chairman. Mr Agius also resigned in the fallout of the Libor scandal.
Antony Jenkins, Barclays Group Chief Executive, said: "I am very proud to have been asked to lead Barclays, where I began my career nearly 30 years ago.
“Barclays is a strong universal bank, with many assets, including market leading businesses; talented and engaged staff; and long-standing clients and customers. But we have made serious mistakes in recent years and clearly failed to keep pace with our stakeholders' expectations.”
Mr Agius, chairman of Barclays, said: "Antony's appointment has the support of all the directors; we are confident that, supported by the board and the executive committee, he will work quickly to take the group forward."
He added: "I am pleased that the new leadership of the bank is settled."