Plans Sir David Walker New Barclays chairman Stock Market Today Shares, gold , mortgage rates

Plans Sir David Walker New Barclays chairman, Sir David Walker reputation : Sir David Walker, appointed as Barclays' new chairman, can be expected to have a clear view of how to negotiate the increasingly political world of banking.

Sir David Alan Walker born 31 December 1939, a British banker, was the chairman of Morgan Stanley International. He remains a senior advisor to that firm.
He was chairman from 1995 to 2001, and then again from 2004 to 200.

Barclays' new chairman Sir David Walker plans to undertake a root and branch review of the way the bank operates, it has been reported.

Sir David told The Sunday Telegraph he agrees "in principle" with customers paying to use current accounts and the end of the free banking model. The City grandee, who was appointed on Thursday and will take up the role on November 1, has set a 24-month deadline by which time he hopes the bank will be on firmer footing.

Sir David will replace Marcus Agius, who announced his intention to resign in the wake of the Libor-rigging scandal that left Barclays' reputation in tatters and sent shockwaves through the entire industry.

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.

Sir David told the Sunday newspaper that his highest priorities were appointing a new chief executive, reforming compensation and bringing about a changed culture. He said he would like to speed up the process of "ring-fencing" so that the bank is functionally separated before the 2019 deadline set by the Government.

And he admitted that in principle he favours charging for bank accounts and services, and branded recent mis-selling episodes, such as interest rate swaps to small companies and payment protection insurance, as "the consequence of not charging for bank accounts".

Asked about the ideal candidate for a chief executive, he told The Sunday Telegraph: "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. These are well-performing businesses, and we need to be confident that the new leadership at the executive level should be able to straddle both."
Sir David stopped short of suggesting any major change to Barclays' investment banking operations - formerly known as Barclays Capital - and added "my view is that this should continue to be a universal bank".

Sir David has already spoken to Anthony Salz, the former lawyer drafted in to lead a review of the bank's business practices and culture. Linking culture with pay, he said: "There are lots of (pay) arrangements undermining what you think would be good standards of culture."

However he admitted there was a "sense of crisis" around these issues, and said it was necessary to resolve them swiftly.

Abaout Sir David Walker
Sir David Alan Walker (born 31 December 1939), a British banker, was the chairman of Morgan Stanley International. He remains a senior advisor to that firm.
He was chairman from 1995 to 2001, and then again from 2004 to 2005, He had previously held the positions of Assistant Secretary at the Treasury, (1974–77), chairman of the Securities and Investments Board (1988–92), Executive Director for finance and industry at the Bank of England (1989–95), and Deputy Chairman of Lloyds TSB (1992–94). In 1994 Walker also joined the influential Washington-based financial advisory body, the Group of Thirty.

Career

Joined HM Treasury, 1961;
Private Secretary to Joint Permanent Secretary, 1964–66;
seconded to Staff of International Monetary Fund, Washington, 1970–73;
Asst Secretary, HM Treasury, 1973–77;
joined Bank of England as Chief Adviser, then Chief of Economic Intelligence Dept, 1977; a Director, 1981–93 (non-executive, 1988–93);
Chairman: Johnson Matthey Bankers, later Minories Finance, 1985–88;
President Old Cestrefeldians' Society 1986-88
SIB, 1988–92;
Agricultural Mortgage Corp., 1993–94;
Deputy Chairman, Lloyds Bank plc, 1992–94;
Director, Morgan Stanley Inc., 1994–97;
Executive Chairman, Morgan Stanley Group (Europe) plc, subsequently Morgan Stanley Dean Witter (Europe) Ltd, 1994–2000;
Chairman, Morgan Stanley International Inc., 1995–2000;
Member, Management Board, Morgan Stanley Dean Witter, 1997–2000.
Chairman: Steering Group, Financial Markets Group, LSE, 1986–93;
Review of Disclosure and Transparency in Private Equity, 2007–. Bd Member, CEGB, 1987–89;
Chairman, RVC Greenhouse Fund, 1999–;
non-executive Director: National Power, 1990, 1993–94;
British Invisibles, 1993–97;
Reuters Holdings, 1994–2000;
Nominated Mem., Council of Lloyd’s, 1988–92 (Chm., Inquiry into LMX Spiral, 1992).
Legal & General Assurance Co., 2002– (Vice-Chairman, 2004–). Member, 1993–, Treasurer, 1998–, and Trustee, 2007–, The Group of Thirty.
Chairman: London Investment Bankers' Association, 2002–04;
Moroccan British Business Council, 2000–07. Nominated Member, Council of Lloyd's, 1988–92 (Chairman, Inquiry into LMX Spiral, 1992).
UK Co. Chairman, University of Cambridge 800th Anniversary Campaign, 2005–.
Governor, Henley Management College, 1993–99.
Chairman, Community Links, East End charity. FRSA 1987;
CCMI (CBIM 1986).
Hon. LLD Exeter, 2002