New Barclays chairman plans review

Sir David told a Sunday newspaper he agrees “in principle” with customers paying to use current accounts and the end of the free banking model.

The City grandee will replace Marcus Agius, who announced his intention to resign in the wake of the Libor-rigging scandal that left Barclays’ reputation in tatters.

The 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.

Asked about the ideal candidate for a chief executive, he said: “He’s a polymath. Leaving aside where he’s come from, whether or not he’s an investment banker or a retail banker, he needs to be confident of leading in a lateral way.”

Sir David said his highest priorities were appointing a new chief executive, reforming compensation and changing Barclays’ culture.