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Publish Date30/08/2012 10:01:38 AM
The British bank Barclays PLC named on Thursday Antony Jenkins as its new chief executive officer, replacing Bob Diamond who resigned in July after the bank admitted manipulating the Libor benchmark interest rate.
Despite Jenkins’ lack of experience in investment banking, which drags a lot of profit for the Barclays, he was long seen as a favorite for the position of CEO. Jenkins was recently leading Barclays` retail and business banking business.
Barclays said Jenkins, who has been a member of the bank’s executive committee since 2009, would receive an annual salary of $1.7 million, with annual incentive awards up to 250% of his salary.
“We have made serious mistakes in recent years and clearly failed to keep pace with our stakeholders` expectations”, said Jenkins in a statement, adding that repairing the damage made would “take time”.
Moreover, the bank brought recently veteran David Walker as its new chairman to succeed Marcus Agius who left the bank in November in the wake of the scandal. The bank reached a $450 million settlement with U.S. and U.K. regulators.
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