Barclays’ appointment of the veteran banker Sir David Walker as its new chairman has been welcomed as “the beginning of the end of the period of uncertainty”, however analysts have questioned whether he will be “truly independent for shareholders” given his strong connections with the political establishment.

The UK bank yesterday evening confirmed Walker, a former chairman of Morgan Stanley International, would join as a non-executive director on September 1 and replace Marcus Agius as its new chairman on November 1.