New Barclays chairman: I'll review entire business

AP News
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Posted: Aug 12, 2012 9:16 AM

LONDON (AP) — The new chairman of Britain's Barclays bank says he'll undertake a top-to-bottom review of the scandal-tainted business, telling The Sunday Telegraph that he isn't committed to any of his predecessor's policies.

David Walker is charged with finding a replacement for Bob Diamond, who stepped down as chief executive of Barclays Bank PLC after it was fined $453 million for fixing a key market interest rate.

The rate-fixing scandal has damaged the bank's reputation and led to a slew of resignations; regulators are still weighing whether to bring criminal charges against those involved.

Market-watchers have speculated that Barclays may now pull back from its investment banking division, Barclays Capital.

But Walker, who takes over on Nov. 1, seemed cool to the idea, saying he wanted to remain a "universal bank."