New broom at Barclays as old guard ride off

Ben Southwood
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BARCLAYS shuffled its pack of senior executives yesterday as chief executive Antony Jenkins moved to make a clean break with the former regime of ex-boss Bob Diamond.

The two heads of its investment banking and markets division have been appointed to take over the duties of departing boss Rich Ricci, who is retiring.

Eric Bommensath, a French-trained scientist and engineer and Barclays head of markets will share the top job with Tom King, an American who heads the bank’s investment banking division. Both will remain heads of their divisions.

More significantly, Bommensath and King will take a seat on Barclays’ executive committee, the bank’s strategic nerve centre.

Yesterday, Jenkins said he wanted to de-layer the bank to give himself a “line of sight” into the business.

He also hinted at the future direction of the firm with major changes to its wealth business and US ventures.

Executive committee member Tom Kalaris, chief executive of the bank’s wealth division, will join Ricci in retiring at the end of June. His replacement Peter Horrell, an old hand at the bank, has been made interim chief executive of the division in the meantime.

The bank also promoted Skip McGee, a former Lehman Brothers boss, to head Barclays America. Barclays said the US offered good growth potential for the bank.