Barclays International boss set to leave amid reshuffle
Barclays International and Barclays Bank Plc head Tim Throsby has decided to leave, Barclays said on Wednesday, as it announced a series of leadership changes to "capitalise on its strengths as a diversified consumer and wholesale bank".
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Throsby will be leaving after just over two years at the bank.
As part of the reshuffle, the current chief executive of Barclays UK, Ashok Vaswani, will take on the newly-created role of global head of consumer banking & payments, reporting to group CEO Jes Staley. Vaswani will oversee the execution of plans for the group's consumer banking and cards & payments businesses in the UK and internationally.
Meanwhile, current head of retail lending Matt Hammerstein will be appointed as the new CEO of Barclays UK.
Changes to the group's global wholesale banking business - the Corporate & Investment Bank (CIB) were also announced. Barclays said it will now be managed as three distinct but connected units: global banking, global markets and the corporate bank.
Global banking will be led by Joe McGrath, the global head of banking, while Stephen Dainton, the current global head of equities, will act as interim global head of markets as the bank conducts a search for a permanent appointee to the role.
Alistair Currie will lead Barclays' corporate bank as head of corporate banking and all three will report to Jes Staley, who will now also assume the role of interim CEO of Barclays Bank, the legal entity that houses all of the group's non-ring fenced businesses. Group chief operating officer Paul Compton will assume an additional post as president of Barclays Bank.
Staley said: "Competing in the top tier of global corporate and investment banking, enabled by our size, and commitment across asset classes, is important for Barclays' future returns. And we demonstrably do compete in that top tier.
"Notwithstanding that competitive position, I believe we need a more granular execution focus on the businesses within the CIB if we are to drive those returns, in a reasonable timeframe, towards and above that cost of capital.
"And so I have decided to change the leadership model for that business, delayering the organisation in order to bring oversight and accountability for the performance of the Corporate & Investment Bank much closer to me as the group CEO."