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| Michael Rake leaves Barclays days after ousting chief executive Antony Jenkins | Michael Rake leaves Barclays days after ousting chief executive Antony Jenkins |
| (about 1 hour later) | |
| Further upheaval is on the cards at Barclays with the departure of the deputy chairman, Sir Michael Rake, who played a key role in ousting chief executive Antony Jenkins last week. | Further upheaval is on the cards at Barclays with the departure of the deputy chairman, Sir Michael Rake, who played a key role in ousting chief executive Antony Jenkins last week. |
| In a move that stunned the City, Rake pushed out Jenkins, three years after he replaced Bob Diamond as chief executive in the wake of the Libor scandal. Rake is preparing to be chairman of Worldpay, the payments system company thought to be planning a stock market flotation in coming months. | |
| A former accountant, Rake has been on the board of Barclays since 2008, witnessing the financial crisis, the Libor scandal and the resulting changes at the top of the bank. John Varley was succeeded in 2010 by Bob Diamond as chief executive, who in turn left in the wake of the Libor crisis and was replaced by Jenkins in August 2012. | A former accountant, Rake has been on the board of Barclays since 2008, witnessing the financial crisis, the Libor scandal and the resulting changes at the top of the bank. John Varley was succeeded in 2010 by Bob Diamond as chief executive, who in turn left in the wake of the Libor crisis and was replaced by Jenkins in August 2012. |
| Related: Barclays' John McFarlane calls on board to double share price in three years | Related: Barclays' John McFarlane calls on board to double share price in three years |
| Rake, who is expected to leave the Barclays board at the end of the year, spent 30 years at accountants KPMG before embarking on a boardroom career. He also chairs telecoms company BT. | Rake, who is expected to leave the Barclays board at the end of the year, spent 30 years at accountants KPMG before embarking on a boardroom career. He also chairs telecoms company BT. |
| Shares in Barclays dipped initially as news of Rake’s departure emerged, adding to the intrigue surrounding the axing of Jenkins. From Friday, the bank will be run by John McFarlane, the newly arrived chairman who is temporarily taking charge until a new chief executive can be found. | Shares in Barclays dipped initially as news of Rake’s departure emerged, adding to the intrigue surrounding the axing of Jenkins. From Friday, the bank will be run by John McFarlane, the newly arrived chairman who is temporarily taking charge until a new chief executive can be found. |
| McFarlane’s elevation needs to be formally ratified by the Bank of England in the coming days. | McFarlane’s elevation needs to be formally ratified by the Bank of England in the coming days. |
| Last week, Rake insisted it was he – not McFarlane – who orchestrated Jenkins’ departure after reflecting “long and hard on the issue of group leadership” and holding conversations with the non-executive directors on the board. | |
| Related: After Barclays sacks Antony Jenkins, it’s back to gung-ho banking | Related: After Barclays sacks Antony Jenkins, it’s back to gung-ho banking |
| McFarlane is preparing to present the bank’s results on 29 July when he is also expected to set out any changes to the investment bank, which has been the subject of repeated controversy at Barclays. When Jenkins’ departure was announced, the board insisted there would be no change to his strategy of paring back the investment bank and cutting up to 19,000 jobs to reduce costs. | |
| Even so, the pace of change inside the investment arm is said to be one of the reasons for the departure of Jenkins, a retail banker by background. McFarlane, who stepped in to run the insurer Aviva after the chief executive Andrew Moss left in 2012, has told staff the bank’s share price could double in the next three years or so. | Even so, the pace of change inside the investment arm is said to be one of the reasons for the departure of Jenkins, a retail banker by background. McFarlane, who stepped in to run the insurer Aviva after the chief executive Andrew Moss left in 2012, has told staff the bank’s share price could double in the next three years or so. |
| Barclays said : “Sir Michael Rake is the deputy chairman and senior independent director on the Barclays board. Sir Michael intends to continue in these positions, and be a member of the board until at least the end of 2015. If and when he stands down from the Barclays board, a new senior independent director will of course have been appointed.” | Barclays said : “Sir Michael Rake is the deputy chairman and senior independent director on the Barclays board. Sir Michael intends to continue in these positions, and be a member of the board until at least the end of 2015. If and when he stands down from the Barclays board, a new senior independent director will of course have been appointed.” |