It is unlikely that Tom King will be replaced as head of Barclays. In the event that this move takes place, Jes Stanley, who is the current chief executive, will be in charge of the bank. Kings departure was not a surprised as he announced last summer that he had plans to leave in the year 2016. Tom King was the CEO of the bank since May 2013 till March 4th. The people believe that Stanley has enough experience to run the business and keep it on top as he has previously headed the JP Morgan investment bank.
The bank intends to keep the seat open as it will save a lot of money form the salary that King was previously being paid. It is said that the bank paid King a handsome amount of £9.5m in the year 2015 alone. Not only that, the bank will also have to appoint new executives who will head the new international and corporate arm.
When Stanley was made the bank’s CEO in December, he slashed approximately 1200 jobs and withdrew from 7 Asian countries, Russia and Brazil. The CEO assured people that the moves he made were very necessary. He said that the bank was now the right size and it is mainly rooted in the US and Britain markets. He added that in the near future there will be no such drastic changes.
Mike Bagguley was appointed as the chief operating officer of the bank in the month of November. Bagguley, who was formerly the head of the banks macro market business, was told to speed up a strategy that was currently ongoing to help in reducing costs and increase the banks’ profits. He was also tasked with aligning of infrastructure functions and in coordinating and delivering of projects. His appointment as the new Chief Operating officer of Barclays investment is intended in bringing back the bank’s previous glory. The bank is optimistic about his appointment as he has worked with it for 14 years. Mike Bagguley, who graduated in the year 1998 from Warwick University, may just be the banks secret weapon. For more about Bagguley, visit his crunch base profile.