The move has sparked industry speculation that the bank is clearing its top deck in the wake of the on-going London interbank offered rate fixing debacle and a long-running issue over insurance misspelling. The BBC web site pointed out that Mr Lucas ‘was the only one of the bank's top executives who had stayed at the company since last June's Libor rate-fixing scandal’
Replacements
The Lawyer newspaper reports that the pair will remain in their roles until successors have been appointed. Barclays is looking for replacements, but has said that it could take ‘a considerable time to complete.’ Mr Harding – who joined the business from magic circle firm Clifford Chance in 2003 – has not commented on his next move.
‘Inflection point’
The banking group’s chief executive, Antony Jenkins, commented: ‘Barclays is at an inflection point in our journey towards becoming the go-to bank. We will shortly unveil the outcome of our strategic review, to which they [Mr Harding and Mr Lucas] have both made a major contribution. The execution of our change programme will take place over the next five to 10 years, and both Chris and Mark feel that now is the right time for them, personally and professionally, to pass the baton on in their respective roles to executives who can commit to seeing that programme to completion.
Mr Harding said: ‘This year marks 10 years since I joined Barclays as group general counsel. We are starting a new period of the bank’s development under Antony’s leadership. I wholeheartedly support the direction of travel and have no doubt that great success lies ahead.’
Email your news and story ideas to: [email protected]
