Barclays has come under fire for promoting an internal candidate to chief executive in a bid to restore its battered reputation.

The bank has chosen head of retail and business banking Antony Jenkins to head up its operation. Last month, chief executive Bob Diamond was forced to quit after it emerged Barclays had been involved in manipulating the inter-bank lending rate.

Jenkins’ appointment comes amid fears from financial experts that a new face may have had a better chance of clearing up the mess at the lender.

Analysts at Investec told the Guardian: “Given these investigations an external candidate may have been better for Barclays, though with a change of both chairman and CEO the continuity of an internal candidate has some benefits too.”

But Jenkins pledged to restore Barclays reputation. “That journey will take time,” he told the Guardian, “we have much to do, and I look forward to getting started immediately.”

Jenkins is on a reported salary of £1.1 million – although a range of benefits such as share options and bonuses could see him reap more than £8 million in a year.

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