From November Walker, 72, will replace Marcus Agius who handed in his resignation when the LIBOR rigging scandal hit last month.
Walker said: “Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry. My immediate priority, and critical to Barclays ongoing success, will be the appointment of a new chief executive and I will be fully engaged in that process.”
Agius is currently overseeing the bank as chief executive after Bob Diamond quit last month alo as a result of the LIBOR debacle that saw Barclays pay UK and US regulators £290m in fines.
The FT reports that Walker – renowned for his firm stance on executive pay – will focus on remuneration as part of an overhaul of Barclay’s culture.
Walker was formerly chairman of the predecessor organisation of the Financial Services Authority and later chairman of Morgan Stanley International, where he is still an adviser.
He also jointly headed the independent review by the FSA into the failure of Royal Bank of Scotland.
Walker will be paid a salary of £750,000 with £100,000 of the total funded in Barclays shares for a commitment that he will devote “at least four days a week” to the job – on a par with Agius’ remuneration.
