Barclays Finance Director to step Down

04 Feb

Source: Telegraph

The finance director of Barclays is to step down from his role after six years at the bank.



The bank confirmed last night that Chris Lucas will retire, as will Mark Harding, the lender’s general counsel.
Mr Lucas is one of the last executives still at the bank from the era of former chief executive Bob Diamond and was one of a collection of senior employees who waived his 2012 bonus after Barclays was fined £290m for its part in the Libor-rigging scandal.

The finance director is also one of four current and former employees under investigation by the Financial Services Authority over Barclays £7bn capital raising in 2008 that saw Qatari investors support the bank. One of the allegations against Barclays is reported to be that it lent Qatar money to fund the investment.

There is no suggestion that Mr Lucas or any of the three others under investigation are guilty of wrongdoing and Barclays said the departure of Mr Lucas, who is 52, is unconnected to the investigations.

Mr Lucas has been considering his future for the last few months on grounds of health, amid the desire of Antony Jenkins to overhaul Barclays after he took charge as chief executive last year.

Mr Jenkins said that Mr Lucas and lawyer Mr Harding felt it was the “right time for them, personally and professionally, to pass the baton on in their respective roles”.
He added: “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.”

Mr Lucas could stay at the bank for up to a year as Barclays hunts for a replacement. Barclays has appointed headhunters to lead the search for a new finance director and is likely to turn to a candidate from outside the bank to replace Mr Lucas.

Mr Lucas has been working at Barclays for the second time in his career, after being employed at the bank as a global relationship partner between 1999 and 2004. He also worked as UK head of financial services and global head of banking and capital markets at PricewaterhouseCoopers.

Mr Lucas is paid an annual salary of £800,000 at Barclays and earned almost £4m in each of the last two years, including bonuses and deferred share awards. Barclays is yet to determine whether he will receive compensation upon leaving the bank.

On top of the departure of Mr Lucas, Barclays will be in the spotlight on Tuesday when Mr Jenkins and the bank’s chairman, Sir David Walker, appear in front of the Parliamentary Commission on Banking Standards.

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Posted by on February 4, 2013 in International News


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