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Barclays Shareholders Urge New Chairman to Resist Pressures -Report

DOW JONES NEWSWIRES Sir David Walker, the newly installed Barclays Bank (BCS, BARC.LN) chairman, must be wary of being "too political" at Barclays and prove he is capable of standing up for the bank against "hostile regulators", leading shareholders have warned, according to U.K. newspaper The Daily Telegraph's website on Monday. Mr. Walker was appointed on Thursday to steady Barclays after Robert Diamond, the bank's chief executive, resigned in the wake of the Libor rigging scandal, the newspaper said. Investors have welcomed the appointment of the financial district veteran as chairman of Barclays but say they want assurances that he will defend their interests against "bank-bashing", The Telegraph said. One of the bank's top 10 shareholders said to The Telegraph: "Walker is establishment and safe which is good. But the question we have is how robust he will be at defending shareholders in a hostile regulatory and political environment. The Bank and the FSA are highly political at the moment--and both showed their colors with the parts they played in shooting Bob Diamond. There's a danger that Walker fits into this camp too but we need him to stand firm against the pressures." Newspaper Web site: -Dow Jones Newswires; Subscribe to WSJ:

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