O’Donnell and Winters could head Barclays

 
Tim Wallace
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THE TOP two jobs at Barclays could be given to a regulatory adviser and a Whitehall insider, rather than candidates with internal experience.

Former JP Morgan banker Bill Winters is the Barclays board’s favoured candidate to replace Bob Diamond as chief executive of the beleaguered bank, and ex-civil service boss Lord Gus O’Donnell is the frontrunner to replace Marcus Agius as chairman, the BBC reported yesterday.

Winters sat on the Vickers banking commission, which recommended implementing a ring-fence to separate banks’ retail and investment arms – a step that could have a major impact on Barclays thanks to its large and lucrative investment banking operations.

His appointment would likely slam the door on any possible opposition to the proposals.

Winters is also leading a Bank of England review into the central bank’s framework for providing liquidity to the banking system.

Despite being favoured by the board, he may not want to be Barclays’ chief executive – he is already kept busy running Renshaw Bay, the asset management firm he founded in 2011.

Meanwhile O’Donnell has spent several decades as a civil servant, including time representing the UK at the International Monetary Fund and the World Bank.

But he too might not take the job, as he could be being lined up to take over from Sir Mervyn King at the Bank of England.

Barclays would not comment on the report, as no official offer has yet been made to any candidate.