Diamond to succeed Varley as Barclays chief

Bob Diamond will succeed John Varley as chief executive of Barclays.

Head of Barclays Capital Diamond will take over from Varley (pictured) at the bank’s annual general meeting in March next year. Diamond, who has responsibility for corporate banking and wealth management, will move back to London from New York for the role.

Varley will stay on as a senior adviser on regulatory matters until September 2011.

Barclays insiders told the Financial Times that the change in leadership would not result in a change of strategy at the bank as both Varley and Diamond believe in a ‘universal banking model, with an investment bank and retail bank under the same roof’.

Varley is believed to have told colleagues he plans to concentrate on charitable work and his non-executive directorships when he leaves.

He leaves the bank on a high, having survived the banking crisis without a government bail-out and overseen a return to profitability.

Diamond has been equally successful in his time at Barclays, building up the investment banking arm from nothing and masterminding the acquisition of Lehman Brothers’ US assets.

Varley said: 'I am delighted that the board has appointed Bob as my successor. What he had accomplished in his various roles at Barclays demonstrates clearly that he is a great banker and leader, and an outstanding business builder I know that Barclays will flourish under his stewardship.'

Diamond added that he was 'greatly motivated by the challenge of leading Barclays during the critical period ahead.'

Jerry del Missier and Rich Ricci will become co-chief executives of Barclays Capital from 1 October this year in addition to being co-chief executives of the corporate and investment bank.