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Barclays recruits Federal Reserve veteran Thieke

Barclays recruits Federal Reserve veteran Thieke

Barclays has appointed financial veteran and former Federal Reserve executive vice president Stephen Thieke to its board.

Thieke, who joins as a non-executive director, has four decades of experience in financial services in both regulation and investment banking. He worked for the Federal Reserve Bank of New York for 20 years, where he held several senior positions in credit and capital market operations along with banking supervision.

His regulatory experience has also seen him serve as a non-executive director for the Financial Services Authority.

Thieke also held a number of senior roles in investment banking and risk management with JP Morgan during a 10-year spell with the firm between 1989 and 1999. This included stints as head of the fixed income division, co-head of global markets and head of the corporate risk management group.

On top of this he has significant board level experience, including seven years as a director of Risk Metrics Group, where latterly he served as chairman of the board, and nine years on the board of PNC Financial Services Corp.

Commenting on the appointment Barclays chairman David Walker told the market: 'His [Thieke's] many years of experience in banking regulation, investment banking and risk management will be a great asset to Barclays.'

The appointment comes as Barclays grapples to revive its reputation through its project Transform programme, having been hit with a raft of fines in the UK and abroad over the past 18 months.This includes a $3.75 million fine (£2.3 million) by US regulators at the end of last year for failing to keep proper electronic records.   

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