Barclays share price: Chief of corporate banking steps down
Barclays’ (LON:BARC) head of corporate banking John Winter is set to step down, Bloomberg has reported. The move comes amid the ongoing overhaul of the blue-chip lender under new chief executive Jes Staley.
Barclays’ share price has jumped in today’s session, having added 2.55 percent to 175.00p as of 09:11 BST, and outperforming the benchmark FTSE 100 index which currently stands 1.53 percent higher at 6,146.00 points. The shares have lost more than 35 percent of their value over the past year, as compared with about a 12-percent dip in the Footsie.
Bloomberg reported that Barclays had told staff yesterday that John Winter will work through the end of the month, ending a career at FTSE 100 group that included roles as head of the European, Middle East and Africa investment bank division and CEO of the corporate bank, a position he has held since 2010. An official at London-based Barclays confirmed his departure to the newswire.
The corporate bank’s chair Kevin Wall will head the corporate banking executive committee on an interim basis, reporting to Joe Gold, deputy-head of the new corporate and international division.
Winter’s departure comes with Barclays’ CEO Jes Staley looking to overhaul the lender’s operations in an effort to cut costs and comply with UK ring-fencing rules requiring the separation of consumer and investment-banking arms. In March, Staley unveiled a plan to divide the FTSE 100 group’s business in two divisions, Barclays UK, set to include the ring-fenced high street operation, and Barclays Corporate & International, housing the group’s investment banking division.
In analyst comments, BNP Paribas, which has a ‘neutral’ rating on Barclays, set a price target on the stock of 185p this month. JPMorgan Chase & Co meanwhile continues to see the UK lender as an ‘overweight,’ valuing the shares at 230p.
As of 09:36 BST, Friday, 20 May, Barclays share price is 174.95p.
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