Barclays share price: Group set to confirm Sir Ian Cheshire as UK chair

on Feb 27, 2017
Updated: Oct 21, 2019

Barclays (LON:BARC) is set to announce the appointment of Sir Ian Cheshire as chairman of its UK-based operations, Sky News has revealed. The move will come as British lenders prepare to ring-fence their retail business from riskier investment banking, to comply with regulations intended to avoid a repeat of taxpayer-funded bailouts.

Barclays’ share price has been steady in London this morning, having inched 0.29 percent higher to 226.55p as of 08:24 GMT. The advance is in line with gains in the broader London market, with the benchmark FTSE 100 index currently 0.35 percent better off at 7,269.03 points. The group’s shares have surged more than 34 percent over the past year, and are up by more than one percent in the year-to-date.

Sky News reported yesterday that Sir Ian Cheshire’s s application to chair Barclays UK has been approved by the Prudential Regulation Authority (PRA), with an announcement expected this week. As chairman of Barclays UK, he will oversee a business comprising the group’s high street branch network in Britain, as well as its business banking and Barclaycard operations in its home market.
UK lenders are required to separate their retail operations from riskier investment banking as part of regulations allowing the retail bank to continue functioning even if the non-ring-fenced lender were to become insolvent. The new regulations are scheduled to come into force in 2019.
The news comes hot on the heels of Barclays’ full-year results last week when the bank reported that its pre-tax profits had almost tripled last year. The blue-chip lender, which has been looking to slim down and focus on its operations at home and in the US, however, cut its payout to shareholders in half.
As of 08:46 GMT, Monday, 27 February, Barclays share price is 225.90p.

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