LONDON, Jan 23 (Reuters) – Barclays (BARC.L) has appointed former HSBC (HSBA.L) banker Marc Moses and L&G chairman John Kingman to its board, changing two administrators coming to the tip of their tenure, the British financial institution mentioned on Monday.
The pair substitute Mike Ashley and Crawford Gillies, who will step down from the Barclays board after they full the usual nine-year time period on the financial institution’s annual shareholder assembly in Could this yr.
Moses labored at Barclays’ rival HSBC from 2005 to 2019, most just lately serving as its chief threat officer, and earlier than that labored at PWC and JPMorgan. Since leaving HSBC in 2019 he has labored as a strategic adviser to monetary know-how firm Orenda, in accordance with media reviews.
Kingman, who will succeed Gillies as chairman of the financial institution’s ring-fenced UK retail financial institution, has beforehand labored at Britain’s finance ministry the place he was closely concerned within the response to the 2007-8 monetary disaster.
He labored on coping with the collapse of failed lender Northern Rock and the bailouts of Lloyds and Royal Financial institution of Scotland, earlier than occurring to move UK Monetary Investments Ltd, which managed the nation’s stakes within the rescued banks.
The 2 appointments will do nothing to enhance feminine illustration on Barclays board, which whereas at 38% is above a self-imposed goal of 33%, lags the nationwide common for monetary companies, in accordance with analysis from accounting agency EY.
The present gender cut up of board members throughout British monetary providers companies stands at 43% feminine and 57% male, EY mentioned on Jan.9, at a time when buyers are more and more demanding larger gender steadiness on boards.
The brand new board members be part of as Barclays works to reassure buyers of its monetary threat oversight, following a buying and selling blunder final yr that noticed it fined and report heavy losses after it bought extra securities than permitted in the US.
Regardless of the fallout from that error, the financial institution has reported sturdy ends in current monetary quarters, thanks partly to a growth in buying and selling of mounted revenue merchandise.
Reporting By Lawrence White, Modifying by Iain Withers, Robert Birsel
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