Barclays has appointed Anthony Salz to lead an independent review of the UK bank's business practices as the lender attempts to rebuild its reputation in the wake of an interest rate fixing scandal.

Salz, a former lawyer and now vice chairman of Rothschild, will report to Barclays' deputy chairman. "The global review will assess the bank's current values, principles and standards of operation and determine to what extent those need to change," Barclays said in a statement.