Subsequent to Barclays’ publication of the outcomes of its Strategic Review on 12 February, the bank has today announced changes to the senior management within Corporate and Investment Banking, Wealth and Investment Management, and Barclays’ business in the Americas which will streamline the leadership in these areas and accelerate execution of the Transform Programme to build the ‘Go-To’ bank, said the bank in a statement.
They follow on from the elimination of the global Retail and Business Banking layer in late 2012, and the integration plans in hand to bring together Barclays Africa and Absa in 2013. The changes will also mean the promotion of new talent to the Executive Committee of Barclays.
Details are as follows:
Corporate and Investment Banking
- Eric Bommensath and Tom King are appointed Co-Chief Executives of Corporate and Investment Banking (CIB) with effect from 1 May 2013
- Mr Bommensath and Mr King take on these roles in addition to maintaining their current responsibilities as, respectively, Head of Markets and Head of Investment Banking Division
- Mr Bommensath and Mr King will join the Barclays Executive Committee on appointment and report to Group Chief Executive Antony Jenkins
- They will share accountability for the leadership and overall performance of CIB, and ownership of the vision and strategy for this part of Barclays’ business
- CIB will be structured around client-focused product sets, in keeping with the strategic growth plan for the Investment Bank published on 12 February. Mr King will have specific responsibility for the Banking segment, while Mr Bommensath will oversee the Markets segment.
Rich Ricci, currently Chief Executive of CIB, has decided to retire from Barclays on 30 June 2013, by which time he will have helped to support the establishment of the new leadership team. He will step down from the bank’s Executive Committee on 30 April 2013.
Wealth and Investment Management
- Barclays is at an advanced stage in the implementation of Project Gamma and the build out of the wealth platform. This creates an obvious inflection point in the development of the Wealth and Investment Management (WIM) business
- The priority going forward will be on working closely with Retail and Business Banking (RBB) and CIB to provide a seamless service to clients as a platform for future growth
- Peter Horrell will lead the work on implementation of this priority, and is appointed Interim Chief Executive of Wealth and Investment Management with effect from 1 May 2013, reporting to Group Chief Executive Antony Jenkins.
Tom Kalaris, currently Chief Executive, WIM, and Executive Chairman of Barclays in the Americas, has decided to retire from the bank on 30 June 2013, and, in the meantime, will work with Peter Horrell to implement a transition to the new priority. He will step down from the Barclays Executive Committee on 30 April 2013.
Barclays in the Americas
Barclays’ business in the Americas is of critical strategic importance to the bank. Already the largest source of income, outside of the UK, it represents strong growth potential. There is a clear need for even more effective execution of Barclays’ operations in the region in order to capitalise on opportunities presented through greater cross-working and collaboration between our businesses. Additionally, we want to have the strongest possible relationships with our US Regulators. Accordingly:
- Skip McGee is appointed Chief Executive, Barclays Americas with effect from 1 May 2013
- Mr McGee will join the Barclays Executive Committee on appointment and report to Group Chief Executive Antony Jenkins
- He will be the senior executive in the Americas, with geographic responsibility for all of Barclays’ businesses in the region, including CIB, Barclaycard and Wealth and Investment Management
- As the primary public-facing executive in the Americas, he will also lead Barclays’ regulatory engagement for the region
- Mr McGee will also continue to lead some of our most valuable client relationships, and he will remain a member of the CIB Executive Committee.