Barclays promotions signify cultural shift towards retail

 
Ben Southwood
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BARCLAYS yesterday gave two top executives from the retail end of its business seats on its executive committee, as new boss Antony Jenkins realigns the bank’s management toward high street banking.

Valerie Soranno Keating, chief executive of Barclaycard, and Ashok Vaswani, chief executive of UK retail and business banking, will report directly to group chief Jenkins, whose former role as retail and business chief will be completely scrapped.

This move chimes with the wider shift in culture at the very top of Barclays – away from investment banking and towards retail. “These changes reflect the importance of our retail businesses for Barclays,” said Jenkins in the press release announcing the board appointments.