Rake lined up as ‘inside’ successor to Barclays’ Agius

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BARCLAYS is understood to be lining up inside candidate Sir Michael Rake for the job of repairing the scandal-hit bank’s reputation.

The bank is poised to approach regulators for clearance to appoint Rake as replacement for outgoing chairman Marcus Agius, who offered his resignation in the wake of the Libor-fixing scandal.

Rake, promoted from senior independent director to deputy chairman amid the rate-rigging furore, is believed to be sounding out Barclays investors about becoming chairman. He is already said to have told shareholders he is ready to step down from the boards of airline EasyJet and BT to secure the chairmanship.

Speculation is also mounting over who will replace former Barclays chief executive Bob Diamond after his resignation last week. Front-runners are said to include former JP Morgan co-chief executive Bill Winters, who was involved in drawing up plans to reform the UK banking sector. Agius has agreed to remain with the bank until Diamond’s successor is found.

But Barclays is thought to be hoping for a quick change of chairman to restore confidence after receiving a mauling since news broke of the bank’s £290 million settlement with US and UK regulators as part of a global investigation into Libor fixing.

Bookmaker Paddy Power said it had suspended bets on the next chief executive after a sudden flood of money on Barclays’ joint head of corporate and investment banking Rich Ricci.