UK’s second-largest lender, Barclays Plc has announced that it has appointed Antony Jenkins as the new chief executive officer of the bank.

Jenkins was working as the head of the bank’s retail and business banking division. He said that his first ask in his new role will be to restore stability in the organization. He affirmed that he will change the culture of the bank, which was recently found to be involved in scandals linking to rigging of interest rates and misspelling.

“It is clear that we have made serious mistakes. We need to change our culture, which means setting out the values you expect from people and deal with those who don't follow them. I believe that is perfectly feasible,” Mr Jenkins said.

Robert Diamond had resigned from his post as the CEO at Barclays after the authorities announced an investigation into the interest rigging scandal involving the firm and several others. Barclays has lost three top executives, $5 billion of market value and is facing a government inquiry in the case. The bank is now facing a fine of a record 290 million pounds in the case. Diamond, 60, is likely to face questions from lawmakers at a Treasury Select Committee hearing on why the bank failed to stop the abuse of the interest rate system.