Sir David Walker to succeed Marcus Agius as Barclays chairman

Sir David Walker - the City grandee who oversaw a review into bank governance for Gordon Brown - was tonight unveiled as the new chairman of Barclays.

Sir David, a former deputy governor of the Bank of England, will join as non-executive director from September 1 before succeeding Marcus Agius as chairman from November 1, Barclays said.

Mr Agius announced his intention to resign in the wake of the Libor-rigging scandal that left Barclays' reputation in tatters and sent shockwaves through the entire industry.

Sir David, a former chairman of Morgan Stanley International, will be tasked with steering the bank through the most turbulent period in its history, including appointing a new chief executive after the rate-fixing affair claimed the scalp of Bob Diamond.

Sir David said: "The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry."

PA