Barclays Picks Retail Banker To Replace Diamond

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Published on Thursday, 30 August 2012 12:05

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(Reuters) - Barclays named retail banker Antony Jenkins as chief executive on Thursday, signaling a shift from riskier investment banking as it tries to recover from the interest rate-rigging scandal that brought down his predecessor.

Criticized by regulators for an aggressive culture under limelight-loving American Bob Diamond, Barclays must now decide how far to curb the investment bank he built and which generates most of the British bank's profits.

His soft-spoken manner contrasting with the brash Diamond's, Jenkins said Barclays had made mistakes and had to change to get beyond them.

"Getting there will require nothing short of the transformation of how we operate the business," he said.

He told Reuters: "It would be wrong to ignore some of the things that have happened in the past. That does require us to modify the culture."

Jenkins inherits a daunting in-tray.

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