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Barclays finance boss Lucas quits

by Dylan Lobo on Feb 04, 2013 at 07:42

Barclays finance boss Lucas quits

Barclays finance director Chris Lucas and legal counsel Mark Harding are to stand down.

The news comes after Barclays admitted last summer Lucas was one of four current and former executives who were being investigated over the £7.3 billion Barclays raised from the Middle East in 2008 at the height of the financial crisis.  

In a statement posted on the London Stock Exchange, Barclays made no connection between the investigation and Lucas' departure.

Barclays told the market both Lucas and Harding had agreed to remain in their roles until successors could be found.

In statement Barclays chief Antony Jenkins said: 'Chris and Mark both expressed to me late last year that they were considering stepping down from their roles at Barclays.

'The rationale which each shared with me was consistent and, typically, grounded in wanting to do what is best for the bank. Their decision to retire was theirs alone.'

Lucas added: 'It has been my great pleasure and privilege to serve as group finance director of Barclays for nearly six years now. While it has undoubtedly been the most eventful period during which anyone could have occupied a role such as mine, I have thoroughly enjoyed the challenge.

'However I think now is the appropriate time, as we start the implementation of the Transform programme, to begin my retirement from my role on the board and executive committee, and to pass the mantle on to a successor. I shall of course continue to give my full commitment to Barclays until he or she is appointed.'

Meanwhile Harding, who has served 10 years as legal counsel, said: 'We are starting a new period of the bank's development under Antony's leadership. I wholeheartedly support the direction of travel and have no doubt that great success lies ahead.'

The departures are the latest episode at Barclays as it tries to restore is reputation in the wake of the Libor scandal.

Jenkins is due to unveil the outcome of the bank's strategic review shortly, which will include the 'execution of change programme', which will take place over the next five to 10 years.

9 comments so far. Why not have your say?

JM Keynes

Feb 04, 2013 at 08:22

So are people saying that Barclays should have been bailed out by the government like RBS and Lloyds TSB?

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complacency rules

Feb 04, 2013 at 08:37

Chris Lucas, Finance Director of Barclays resigns when the news about thepossible law breaking £7.3 billion Far East borrowing emerges. Of course no one believes that this is anything other than a coincidence. Just as it is a coincidence that Lucas used to work for Pricewaterhouse Cooper as UK Head of Financial Services and Global Head of Banking and Capital Markets.PWC were and still are Barclays Auditors. No doubt if there was something suspicious about the £7.3 billion they would have reported on it when they audited the accounts. In much the same way that Hector would have picked up on it as the Chief Regulator. But then again if he had picked up on this would he now be working for Barclays?

How can anyone even think that a Banks which has been whiter than white in all it financial dealings should be guilty of this alleged shady activity.

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Anitaki

Feb 04, 2013 at 08:40

I am beginning to think that one of the big banks should have been allowed to (or, made to) fail pre-bail out, to "encourage the others"

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rickatkinson via mobile

Feb 04, 2013 at 09:07

Bet the FSA are rubbing their grubby little hands with glee this morning as an IFA somewhere just must have missold an endowment. I mean theres nothing else for them to be investigating.........is there?

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Richard via mobile

Feb 04, 2013 at 09:13

This country is rotten to the core. And we reckon the Greeks are crooks!?

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Anitaki

Feb 04, 2013 at 09:42

Greeks not crooks!

Albanians & Bulgars crooks, not Greek people

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JM Keynes

Feb 04, 2013 at 09:51

@Anitaki

ti krima!

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complacency rules

Feb 04, 2013 at 09:52

Most people are honest except for Greek, Albanian, and Bulgar senior bankers. In fact Senior Bankers all over the world are being tainted by all this dubious activity.

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John Smyth 3

Feb 04, 2013 at 11:50

@ complacency rules

That is because the vast majority of them are.

Those positions attract the greediest most ruthless types.

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