Rake 'to heal Barclays' reputation'

Barclays (LSE: BARC) is lining up inside candidate Sir Michael Rake for the job of repairing the scandal-hit bank's reputation, reports have said.

It is understood Barclays is poised to approach regulators for clearance to appoint Sir Michael as replacement for outgoing chairman Marcus Agius, who offered his resignation in the wake of the Libor fixing scandal.