Barclays ‘in hunt for new chairman’

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Barclays is reportedly launching the hunt for a successor to chairman Sir David Walker less than 18 months after he was brought in to help repair its reputation following the Libor scandal.

The banking giant has appointed headhunters to draw up a list of candidates for the role, although Sir David is not set to leave until next summer after serving a three-year term, according to The Sunday Times.

Sir David – a former executive director of the Bank of England – joined the Barclays board in September 2012 and officially took over at the helm two months later amid a reputational crisis in the wake of its £290m Libor rates rigging settlement.

He replaced Marcus Agius, who resigned following the scandal, which also claimed the scalp of ex-chief executive Bob Diamond.

The City veteran’s successor will face ongoing challenges at the bank as it comes under renewed fire over pay and the impact of a wide-ranging costs and culture overhaul.

Barclays fuelled controversy over banker pay last week when it announced a 10 per cent hike in its staff bonus pool to £2.4bn despite reporting a 32 per cent drop in underlying annual profits.

The bumper payout will see its 26,200 investment banking employees share out a £1.6bn bonus pot for 2013, up 13 per cent on 2012, giving an average payout of £60,100 per employee in the division.

Barclays declined to comment on the reports.