British banking giant Barclays announced some major changes to its consumer and wholesale banking operations this Wednesday.
Barclays’ UK chief executive officer, Ashok Vaswani, will take up a newly-created position as global head of consumer banking and payments.
According to a statement issued by the bank, Vaswani will be responsible for developing new technology for retail customers and bolstering the firm’s existing payments solutions.
The outgoing UK CEO is going to be replaced by Matt Hammerstein, who is currently head of retail lending at the firm.
Hammerstein will report to both Vaswani and Staley in his new role. He will also join the bank’s executive committee and the board of its UK division.
Barclays’ current CEO of cards and payments, Barry Rodrigues, will also now report to Vaswani. So too will Karen Frank – the CEO of Barclays Private Bank and Overseas Services.
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Wholesale split in three
There will also be some major changes in the bank’s investment and corporate banking divisions.
Barclays said that it would divide its wholesale business into three sections – global banking, global markets, and the corporate bank.
The first of these, which will be comprised of the bank’s advisory, DCM and ECM businesses, is going to be headed up Joe McGrath – Barclays’ global head of banking.
Stephen Dainton, who is currently global head of equities, will act as global head of markets until the bank, which is looking both internally and externally, can find a full-time replacement for him.
Lastly, Alistair Currie will lead the company’s corporate bank as head of corporate banking.
The changes at the bank mean the CEO of Barclays International is going to leave the company. Tim Throsby had been with the firm since January of 2017. It is unclear as to what his next career move will be.