Barclays hires finance chief from JP Morgan

 
Tim Wallace
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BARCLAYS’ group finance director Chris Lucas will step down early next year, the bank announced yesterday, the final member of Bob Diamond’s top team to quit following last year’s Libor fixing scandal.

He will be replaced by Tushar Morzaria, who is currently chief finance officer in corporate and investment banking at JP Morgan.

Morzaria will join the bank’s executive committee in the autumn, before taking his place on the board in January 2014 and taking over as finance head in March.

He will receive a salary of £800,000 and a bonus of up to 250 per cent of that salary. He could also receive long-term incentive payments worth up to 400 per cent of his salary.

However, this package will not be in place for long – the EU’s new bonus cap, fixing variable pay at 100 per cent of salary, comes in from 2014.

In response to the regulations, banks may push up salaries in order to compete in the market for top talent with unaffected countries like the US.

“I want to note our huge gratitude to Chris Lucas for his dedicated service to Barclays, and thank him particularly for his role in ensuring that our business has remained financially strong during the financial crisis and since,” said chief executive Antony Jenkins.

And Morzaria said he wants to help clean up the bank after the Libor scandal which saw chief Bob Diamond and chairman Marcus Agius resign.

“The work which Antony, together with the executive committee and the board, have done over the last nine months has really begun the process of restoring trust in Barclays,” he said.

“I am excited at the opportunity to be part of the leadership team which will deliver on the promised change in performance and culture.”

Barclays shares dipped 0.52 per cent.

PROFILE: TUSHAR MORZARIA

BARCLAYS’ new group finance director Tushar Morzaria was born in Uganda but raised in the UK after his family moved to Britain in 1971.

He qualified as a chartered accountant 22 years later and has enjoyed a glittering career ever since, taking up posts at some of the biggest names in the financial sector.

Morzaria’s career began at Coopers & Lybrand Deloitte, where he worked from 1990 to 1993, completing his training at the group.

After those professional qualifications he joined historic City name SG Warburg in 1994, an investment bank taken over by the Swiss Bank Corporation in 1995.

In that year Morzaria moved on to JP Morgan.

After seven years there he moved to Credit Suisse Investment Bank. His roles at the institution included European controller in fixed income and global controller of derivatives.

But Morzaria moved back to JP Morgan within three years to continue his ascent.

From 2005 to 2009 he was chief finance officer for fixed income in the investment bank, before becoming global controller in the unit in New York.

His next promotion took him to chief finance officer for the whole investment bank from 2010 to 2012, followed by the addition of the corporate bank to his remit.

Morzaria graduated from Manchester University in 1990 after studying computer science and accounting, and is married with two daughters.