Barclays named Antony Jenkins as its chief executive officer, promoting the head of its consumer business as the UK lender recovers from the Libor scandal and considers whether to shrink its investment bank.

The 51-year-old Briton will become CEO immediately, the lender said in a statement today. He will lead the bank under incoming chairman David Walker, who once ran Morgan Stanley's European investment bank.

Mr Jenkins "has been on the board, he's knows what the bank's been doing, he knows the strategy, but he's never been a practicing investment banker", Chris Wheeler, a London-based analyst at Mediobanca with an outperform rating on the stock, said of Jenkins. "That will make the people in investment banking nervous, particularly in New York."

Barclays is replacing its most senior managers, including former CEO Robert Diamond and outgoing chairman Marcus Agius, after politicians, shareholders and regulators accused the bank of having a culture of aggressively interpreting regulations and failing to stop wrongdoing.

Mr Diamond, who built Barclays's investment bank into the world's biggest global bond underwriter, resigned last month after the bank was fined £290 million by US and UK regulators for attempting to rig the London interbank offered rate.

Bloomberg