Exclusive: Salz To Lead Barclays Inquiry

Barclays is appoint a respected City lawyer to head an inquiry the bank's culture and practices.

Barclays will tomorrow attempt begin repairing its tarnished reputation appointing a respected City lawyer head an inquiry into the bank's culture and practices.

I learned that Anthony Salz, former senior partner Freshfields, is to be confirmed the chair of a probe charged establishing a new code of for thousands of City bankers.

Barclays will announce the details of inquiry tomorrow.

The terms of Mr Salz's appointment agreed yesterday. As I revealed last weekend, he was the favoured candidate of directors Sir Mike Rake, the deputy chairman of Barclays, who will head the board sub-committee responsible supervising the inquiry.

People to Barclays said that the sub-committee would comprise non- directors including David Booth, a former head of government bond trading Morgan Stanley.

The bank will say tomorrow Mr Salz, who is now a vice-chairman the investment bank Rothschild, will appoint an external adviser - likely to a major City law firm - to assist the inquiry.

Details of the Barclays probe ahead of another busy week for the British banking sector, continues to reel from the fallout of the Libor-rigging scandal.

Lloyds Banking Group, which is the lenders being investigated by regulators for attempting manipulate the Libor interbank borrowing , will kick off the sector's interim results season on Thursday, followed a day later Barclays.

Investors will hoping for significant news the recruitment of a new chairman and chief executive Barclays, but they will be disappointed.

The Sunday Times reported today Sir Mike has indicated that he no wishes to be considered as a candidate to replace Marcus Agius, meaning appointment is likely to be at least several weeks .

Sir Mike is understood to made the decision in order to concentrate on his roles as chairman of BT and easyJet, the airline where he is under pressure to quit Sir Stelios Haji-Ioannou, the founder and largest shareholder.

A number of leading Barclays investors had pushing for Sir Mike to chair bank.

Barclays declined comment today.


Adapted from: Sky News, July 22, 2012.