Barclays Share Price: New chief operations and technology officer announced
Barclays (LON:BARC) has named Michael Harte as chief operations and technology officer. He will replace Shaygan Kheradpir, who quit in November after only eight months in the role. Part of the job is “process automation”, or getting computers to do more of the work people currently do.
Barclays (LON:BARC) will next week announce the creation of a bad bank portfolio of non-core assets, as part of a streamlining of its investment bank, The Financial Times yesterday reported, citing an inside source.
The new non-core unit, to be run by Eric Bommensath, the co-head of Barclays’ investment bank, is reportedly set to include declining operations such as its trading of interest rate products, currencies and commodities. The bad bank is also expected to include some or all of Barclays’ retail banking businesses in France, Italy, Spain and Portugal, which it has been attempting to sell for several years. The bank is also expected to add the £54.4 billion of assets left in businesses already identified as non-core, including leveraged loans and European corporate loans.
Barclays has declined to comment on the plan. According to the FT source, details of the move will be revealed in the bank’s strategic update to investors on May 8.