Barclays share price: Group hires former JPMorgan exec as security chief

Tim McNulty to replace Troels Oerting who left in November

Barclays share price: Group hires former JPMorgan exec as security chief

Barclays (LON:BARC) has hired a former JPMorgan Chase executive as its new security chief, Reuters has revealed. The move comes with the lender stepping up efforts to combat the threat of cyber crime.

Barclays’ share price has been subdued in London in today’s session, having slipped 0.35 percent to 214.00p as of 14:32 BST. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.06 percent lower at 7,262.23 points. The group’s shares have lost less than one percent of their value over the past year, as compared with about a 1.5-percent dip in the Footsie.

Barclays hires new security chief

Reuters reported today that Barclays had said in an internal memo that it had appointed Tim McNulty as its new group chief security officer, replacing Troels Oerting who left the bank in November. McNulty, who spent 17 years at JPMorgan after working in Hong Kong and Britain’s police forces, will join the FTSE 100 lender next month.

The newswire notes that hire comes with the blue-chip lender stepping up its efforts to combat the threat of cyber crime, having launched a new joint operations centre at its headquarters in London’s Canary Wharf district. The unit is designed to centralise the bank’s efforts to detect and combat cyber threats.

Analysts on blue-chip lender

Deutsche Bank, which sees Barclays as a ‘buy,’ set a price target of 250p on the stock today, while earlier this week, Goldman Sachs, which has a ‘neutral’ rating on the lender, set a valuation of 220p on the shares. According to MarketBeat, the FTSE 100 lender currently has a consensus ‘hold’ rating and an average price target of 225.12p. Barclays is scheduled to update investors on its first-quarter performance on April 26.  

As of 14:52 BST, Wednesday, 11 April, Barclays share price is 214.10p.

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