Barclays Names Robert Diamond CEO
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After 14 years with the company that he has helped build into a global investment force, Robert E. Diamond will take over as chief executive officer of Barclays PLC (NYSE: BCS) next year.
The 59-year-old American will take over for John Varley, who guided the firm through the global credit crisis without taking government bailout funds. Diamond will become the CEO of Barclays on March 31 of next year.
Diamond, who has led the firm’s Barclay’s Capital investment bank, has been called the “unacceptable face of banking” by a former government minister, as the firm faces regulation review, which could include the future removal of its investment banking from retail operations.
Barclays has become dependent on investment banking activity, which has been built by Diamond following the acquisition of Lehman Brothers’ U.S. operations.
Diamond’s salary will be $2.08 million with bonuses of up to 250 percent the base salary, while the bank may award the incoming CEO performance-based share incentives of up to 500 percent.
Varley said when he took the CEO position at Barclays seven years ago that he planned to move on from the company by the time he turned 55, which will happen in April. Varley will remain with the firm as a special advisor on regulatory matters for six months after his retirement date.
Jerry del Missier and Rich Ricci will become Barclays Capital’s co-chief executive officers on October 1. Barclays Capital commands 60 percent of the company’s capital need, while it will likely be less profitable than its retail business.
The 59-year-old American will take over for John Varley, who guided the firm through the global credit crisis without taking government bailout funds. Diamond will become the CEO of Barclays on March 31 of next year.
Diamond, who has led the firm’s Barclay’s Capital investment bank, has been called the “unacceptable face of banking” by a former government minister, as the firm faces regulation review, which could include the future removal of its investment banking from retail operations.
Barclays has become dependent on investment banking activity, which has been built by Diamond following the acquisition of Lehman Brothers’ U.S. operations.
Diamond’s salary will be $2.08 million with bonuses of up to 250 percent the base salary, while the bank may award the incoming CEO performance-based share incentives of up to 500 percent.
Varley said when he took the CEO position at Barclays seven years ago that he planned to move on from the company by the time he turned 55, which will happen in April. Varley will remain with the firm as a special advisor on regulatory matters for six months after his retirement date.
Jerry del Missier and Rich Ricci will become Barclays Capital’s co-chief executive officers on October 1. Barclays Capital commands 60 percent of the company’s capital need, while it will likely be less profitable than its retail business.
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