Barclays share price: Investment bank chief to retire next month

Barclays’ (LON:BARC) investment bank chief is expected to retire from the bank next month, inside sources have revealed to Bloomberg.

Tom King joined the British lender in late 2009 and rose to his current position in May 2014. He reportedly threatened to leave Barclays last year after he clashed with then-chief executive Antony Jenkins, who has since been replaced by Jes Staley, over strategy at the investment bank. Although chairman John McFarlane appeared to have persuaded King to remain in the job, he is now set to depart.
Barclays’ board is understood to be leaning towards appointing an external candidate to replace Tom King, according to the sources. A group spokesman has declined to comment on the matter.

In a separate development, insiders have revealed that Barclays’ board will debate the future of its Africa business at meetings starting this week, with options including a sale of the entire business. If the board reaches a decision, CEO Staley could give more details on his plans for Africa in a strategic update to be presented alongside the Barclays’ full-year results on March 1.
A company spokesman declined to comment on the contents of the meetings. However, executives are also expected to discuss the bank’s latest plans for separating the UK consumer and investment banking arms under the soon-to-be-introduced ringfencing rules.
Barclays’ share price has edged lower today. As of 08:23 GMT, the stock was trading 0.62 percent down at 167.20p. The FTSE 100 had meanwhile shed 0.46 percent to stand at 6,002.33 points.
As of 08:45 GMT, Thursday, 18 February, Barclays share price is 166.75p.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.