Sir Michael Rake, BT chairman and senior independent director at Barclays, has been appointed deputy chairman at the bank.

BBC: Bank inquiry launched after Libor rate-rigging scandal

But leaders including Virgin's Sir Richard Branson and BT's Sir Michael Rake say calls for "wholesale" revision could mean "damaging uncertainty".

BBC: Business leaders urge Cameron not to 'risk' EU membership

Barclays' board has launched an audit of its business practices, which will be conducted by an independent body and report to the new deputy chairman, Sir Michael Rake.

BBC: Bank inquiry launched after Libor rate-rigging scandal