LONDON (Alliance News) - Barclays PLC Tuesday said the chief executive of its Americas unit, Skip McGee, will step down at the end of this month as the bank prepares for new US rules that require it to set up an intermediate holding company in the country by July 2016.
Barclays said the new rules, part of the the Dodd-Frank Act brought in as a response to the financial crisis and the issue of banks being too big to be allowed to fail, will require the Americas unit to increase its focus on regulatory relations, compliance, and the "very significant" legal and operational ramifications associated with the creation of the new entity.
The bank said McGee, who decided to step down in light of that focus, will be succeeded by Joe Gold, currently its global head of client capital management. Gold will be appointed on May 1 to a restructured role at the Americas unit, reporting to the Co-CEOs of the Corporate and Investment Bank, Tom King and Eric Bommensath.
As well as leading the transition to an intermediate holding company, Gold will also lead the governance of all of Barclays? American businesses, and oversee the implementation of the group's strategy in the region, the bank said.
Stephen Thieke, the former Federal Reserve Bank of New York banking supervisor who was appointed as a Barclays non-executive director in early January, will provide strategic advice and guidance on the transition.
?Joe Gold is a proven leader and has a track record of strong execution, having led the strategic development of a number of key businesses while at Barclays. He understands the rapidly-changing regulatory landscape and will ensure that our American interests are well-positioned to deliver great solutions for our clients and customers, as well as improved returns for shareholders in an evolving market environment," Barclays Chief Executive Antony Jenkins said in a statement.
Barclays is planning to update the market May 8 on the future shape and size of its investment bank, especially in light of new regulatory pressures.
Barclays shares were Tuesday quoted at 248.65 pence, down 0.1%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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