Barclays, which abruptly sacked chief executive Antony Jenkins last Wednesday, might have to wait six months for a permanent replacement.
The bank’s deputy chairman Sir Mike Rake told City A.M. yesterday: “We will take the time to find the person with the right level of experience. It will take a few months, but we would at least hope to find someone before the end of the year.”
Jenkins was fired by new chairman John McFarlane after less than three years into his appointment, for failing to turnaround the ailing fortunes of the bank’s investment arm.
City analysts have welcomed McFarlane’s recent appointment and his plans for the bank but some have interpreted his aggressive ambition to ignite Barclays’ share price could mean much more emphasis being placed on the investment bank.
Keith Bowman at Hargreaves Lansdown said: “The change in personnel potentially underlines the investment bank going forward. The investment bank is arguably geared towards more economic recovery, so you could see the bank going forward from here – especially with HSBC and RBS scaling back.”