Barclays share price up after new chairman appointed

Investors have lifted the share price of Barclays on the FTSE 100 share index this morning (August 10th) as the bank's future became more certain with the appointment of its new chairman.

Speculation has been mounting for several months with regard to who will take up the reins at the company when Marcus Agius steps down from the role later in the year, with several names being linked to the position.

However, the major British financier announced last night that Sir David Walker will take on the main job as of November 1st after first fulfilling a non-executive directorship at the company.

Sir David has a vast array of experience in the banking sector and is currently a senior adviser to Morgan Stanley International after previously serving as the US lender's chairman from 2000 to 2005.

He has held a number of other high-profile positions in the industry over the course of the last three decades, including chairman and chief executive of the Securities and Investment Board, assistant secretary at the Treasury, executive director at the Bank of England and deputy chairman of Lloyds Bank.

Furthermore, since 2007, Sir David has also conducted two independent reports on the private equity market, as well as co-leading the review of the Financial Services Authority's investigation into the failure of the Royal Bank of Scotland.

The incumbent chairman Mr Agius noted that Barclays is "fortunate" to have attracted a professional of Sir David's calibre to fulfil the chairmanship.

Sir David said he is looking forward to joining the bank, adding: "The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry."

As of 09:37 BST, Barclays shares were up by 1.82 per cent on the day to a value of £182.20.