Anthony Salz, veteran lawyer-turned-banker, has been appointed by the Barclays to lead a review of its operations after the high profile resignations of chief executive Bob Diamond and chairman Marcus Agius resign following a major scandal.

Britain's second-largest lender said on Tuesday that it believes that the banks need to revisit their fundamental way of working and how they add value to the society. The lender said that it requires cultural change that would see it "affirming key values" with "reinforcing mechanisms" in order to make sure that the staff work in an appropriate manner.

As part of the review process, Mr Salz will interview investors, regulators and staff over the coming few months and the findings of his analysis will be published in the spring. The lender has affirmed that it will fully implement the recommendations of the review.

"Barclays has a real opportunity to use the events of the past weeks to drive a change in its values and practices. I look forward to hearing views on the changes that should be made. I hope that this review will significantly assist Barclays in rebuilding trust and reaffirming its position as one of our leading institutions," Mr Salz said.