Head of Barclays investment division, Tom King will retire March 4 next month. King was head of Barclays PLC's investment bank division for nearly 3 years. His position will not remain vacant for long as Barclays head Jes Staley is currently hunting for a worthy replacement.
According to Reuters, King's successor will have his work cut out for him as Barclays is not even in the top 5 investment banks. The firm also pulled out of Asia so that they can focus on the United States and their domestic strategies.
Previously, King had a falling out with then CEO Antony Jenkins. The dispute was allegedly around Jenkins' rapid cost cutting measures that greatly affected the operations of the finance division.
The Telegraph said that King won that alleged internal struggle when he convinced the board of his vision for the future of his division. This move by King postponed the aggressive cost-cutting measures and saved employees from losing their jobs.
The Guardian reported that King himself believes that he will leave the division with a "solid footing on the future" and that he felt it was time for him to pass the baton. Jes Staley, the current CEO of Barclays already made executive appointments to secure the replacement of the investment head.
The movements in Barclays leadership did not start with King. It is in the Barclays Chief executive position that started the changes when Jes Staley replaced the controversial Antony Jenkins.
Staley already appointed a new chief operating officer and new chief risk officer. Both positions where filled with people from JP Morgan. According to sources Staley approached another JP Morgan executive to be the head of investment but was turned down. Staley himself spent most of his career with JP Morgan before moving over to Barclays. Staley's choice for head of investment will most likely reveal Barclays' strategy for the said division.
All eyes will be on Staley as he will be presenting the bank's results this March 1. He is due to announce a 10% drop from the investment revenues and the fact that they have already started to cut 1,200 jobs in the division.
