Barclays Creates Operating Chief Role to Deliver on Strategic Plan

   By Ian Walker 
 

LONDON--Barclays PLC (BARC.LN) said Wednesday it has appointed Jonathan Moulds to the newly created role of group chief operating officer, charged with accelerating delivery of the banking group's strategic plan 'Transform.'

Mr. Moulds will join company on Feb. 2 and will have accountability for the structural reform program, which includes implementing the ring-fenced bank in the U.K. and the intermediate holding company in the U.S. He will also oversee the strategy and corporate development team, Barclays said.

Mr. Moulds is an industry veteran, spending over 15 years at Bank of America Merrill Lynch in a variety of senior leadership roles, latterly as chief executive of Merrill Lynch International and head of BoAML Europe.

The Bank of England announced last October plans to make it easier for depositors to get their cash back when banks fail, as part of sweeping changes to make the U.K. financial system safer.

The proposed reforms include new rules for banks to hive off their retail activities from most commercial banking, including the need to have a separate board at the ring-fenced bank, under a top-level holding company.

The ring fence applies to any bank with more than 25 billion pounds ($37.9 billion) in deposits from individuals and small businesses. Further details on funding and capital at ring-fenced banks will be given next year, the BOE said at the time. It is working toward a plan to have bank bail-ins and recapitalizations take place at the level of a bank holding company.

-Margot Patrick contributed to this article.

-Write to Ian Walker at [e-mail]; @IanWalk40289749

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