Sir Gerry Grimstone is to chair the ringfenced private and investment banking division of Barclays Bank once the unit is spun out into a separate division under ring fencing rules from next month.
Sir Gerry is currently chair of Standard Life Aberdeen, a position he is expected to vacate next year, in addition to being non-executive director of Deloitte and lead non0-exec at the Ministry of Defence.
He was appointed deputy chair of Barclays in 2016, and is additionally senior independent director and chair of the board reputation committee, and will from April chair the board of the recently-incorporated Barclays Bank Plc.
UK retail veteran Sir Ian Cheshire has been appointed to the parallel role of chair of Barclays Bank UK Plc, which will the bank’s retail and small banking divisions in addition to UK wealth management.
Veteran banker and trouble shooter John McFarlane, who was appointed chair in 2015 to steady the ship following the sacking of former chief executive Antony Jenkins, will continue to chair the top-level Barclays Plc.
Barclays’ owners were delivered a surprise this morning with the news that activist Edward Bramson’s Sherborne Investors fund had spent £580 million to take a 5.1% stake in the company. By late morning shares in the bank were 3.8% higher at 217p, the highest since April 2017.
‘As with all its shareholders, Barclays will continue to engage with Sherborne, and welcomes them as a shareholder,’ the bank said in a statement.