Barclays (LON:BARC) has hired a former Citigroup banker to take the helm of its Barclaycard business, Reuters has reported. The new appointment will take effect in November this year.
Barclays’ share price has fallen marginally into the red in London in today’s session, having inched 0.27 percent lower to 206.20p as of 14:26 BST. The stock, however, is outperforming the broader market selloff which has seen the benchmark FTSE 100 index fall 1.24 percent to 7,404.80 points so far today. The group’s shares have added just under 26 percent to their value over the past year, but have given up some seven percent in the year-to-date.
Reuters reported today that Barclays had named former Citigroup banker Barry Rodrigues as the head of its Barclaycard International credit card division. Rodrigues, formerly the head of the US group’s digital payments business, will be based in New York in his new role and will start in early November.
He will replace Amer Sajed, who left the FTSE 100 group last month to focus on campaigning for civil liberties in the US.
Barclays recently updated investors on its interim performance, posting a half-year loss of £1.2 billion, pressured by its withdrawal from Africa and the ongoing payment protection insurance scandal. Chief executive Jes Staley meanwhile said that the restructuring of the group’s business to focus on operations in the UK and the US was now complete.
In analyst ratings, JPMorgan Chase & Co, which is bullish on Barclays with a ‘buy’ rating, set a price target on the shares of 240p today. Berenberg meanwhile continues to see the lender as a ‘sell,’ valuing the stock at 200p. According to MarketBeat, Barclays currently has a consensus ‘hold’ rating and an average price target of 226.24p.