SFO inquiry for new Barclays CEO

Barclays has named the head of its retail division Antony Jenkins as its new chief executive to replace Bob Diamond. Its shares have fallen 1% after the Serious Fraud Office launched an investigation into an investment made by Qatari businessmen.

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'Excellent track record' helps Jenkins secure top job

The Board ensured that the process to select the new Chief Executive was both rigorous and thorough.

Antony stood out among a very competitive field of internal and external candidates because of his excellent track record transforming Barclaycard and Retail and Business Banking; his intimate knowledge of Barclays portfolio garnered over three years on the Group Executive Committee; his role in the development of the bank’s strategy; and his future vision for Barclays and plan to realise it.

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.

– Marcus Agius, Barclays Chairman

Jenkins hopes to 'restore reputation' in Barclays

Antony Jenkins has been named as the new CEO of Barclays. Credit: Barclays

Antony Jenkins, the new Chief Executive of Barclays, 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.

"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.

"That journey will take time, we have much to do, and I look forward to getting started immediately."

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Chuka Umunna welcomes new Barclays CEO

Shadow Business Secretary Chuka Umunna has welcomed Antony Jenkins' appointment as the new Barclays chief executive:

Turbulent time for Barclays

Barclays has endured one of the most turbulent periods in its history after it was fined £290 million by UK and US regulators for manipulating Libor, an interbank lending rate which affects mortgages and loans.

The affair led to the departure of chief executive Bob Diamond, chairman Marcus Agius and chief operating officer Jerry del Missier.

It also triggered a fierce debate in Westminster over banking ethics and has spawned several closely-watched hearings before the Treasury Select Committee.

Since then, Barclays has been caught up in a separate investigation, as it faces a potential £450 million bill for mis-selling complex financial products to unwitting small businesses.

Barclays probe 'not focusing on individuals'

The inquiry into Barclays comes after a similar investigation by the Financial Services Authority (FSA) which was revealed last month

The Serious Fraud Office (SFO) has more powers to prosecute than the FSA, the City watchdog, so the investigation moves the accusations into another realm.

Whereas the FSA's investigation was centred on four present and past senior staff, including finance director Chris Lucas, the SFO's probe is currently not thought to be focusing on any individuals.

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