Barclays has just named its new head of compliance, following Sir Hector Sants’ resignation in November, owing to stress and exhaustion.
Mike Roemer (pictured), who’s been head of audit at the bank since 2012, will join the bank’s executive committee immediately and report to chief executive Anthony Jenkins.
His appointment follows a series of issues for the bank, including the mis-selling of payment protection insurance and fixing of the Libor market - he will be responsible for making sure it complies with laws and regulations in the countries where it operates.
Having a world-class Compliance function is vital to Barclays’ success. Mike Roemer will bring his extensive experience and strong leadership skills to Compliance, ensuring that Barclays maintains momentum in this crucial area.
On Wednesday the bank said that legal and regulatory charges would cost it an additional £330m.