Barclays PLC and Barclays Bank PLC today announce changes to the responsibilities of its executive management team, which are designed to focus increased leadership capacity on growing the Group’s international retail and commercial banking business and building on the progress in the Group’s wealth management business. These changes will be effective from January 1, 2005.
David Roberts, a Director of Barclays and currently Chief Executive, Barclays Private Clients and International (PC&I), will become Chief Executive, International Retail and Commercial Banking.
One of Barclays four strategic priorities is to build its retail and commercial banking businesses outside the UK. This comprises driving forward Barclays current non UK retail and commercial banking activities; delivering a large integration programme in Spain consequent on the acquisition last year of Banco Zaragozano; and leading another large integration programme in South Africa if the proposed acquisition of a majority stake in the South African bank ABSA is approved.
In order to create the capacity for undivided focus on this agenda, the two businesses which currently report to Mr Roberts will be separated. Mr Roberts will be responsible for all Barclays present and prospective retail and commercial banking operations outside the UK, which currently include the Caribbean, France, Spain, Portugal, Italy and Africa.
Robert E Diamond Jnr, Chief Executive of Barclays Capital and Chairman of BGI, will assume additional responsibility for the Private Clients components of PC&I – International & Private Banking and Wealth Solutions. Mr Diamond will apply the same disciplines of excellence in execution, talent management and client focus that have been successful in Barclays Capital and Barclays Global Investors in accelerating the expansion of Private Clients, initiated in 2003 and driven forward successfully by David Roberts this year.
Paul Idzik, recently appointed Barclays Chief Operating Officer, will succeed David Roberts as chairman of the Barclays Group Operating Committee.
John Varley, Barclays Group Chief Executive, said: “These changes will ensure that the momentum of strategic delivery at Barclays is accelerated. David Roberts will have greater capacity to focus on building our retail and commercial banking businesses outside the UK, a vital element of our goal to grow the proportion of our earnings from overseas. Bob Diamond will now take charge of a portfolio of global businesses which share a number of similarities.
“These changes will speed our progress towards the achievement of our strategic objectives.”
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