LONDON (Alliance News) - Barclays PLC Friday said it has appointed Head of Internal Audit Mike Roemer as its new compliance boss, meaning he joins the bank's executive committee and reports directly to Chief Executive Antony Jenkins.
Roemer will be directly accountable to Jenkins for the performance of the compliance function against a framework of specific standards agreed by the board.
He joined the bank in January 2011.
He will also be responsible for ensuring that Barclays? purpose and values underpin the conduct of all staff at all times, and that all their actions are consistent with the spirit and letter of the expectations of regulators and the law in Barclays' operating areas, said the bank.
Barclays is working to rebuild its reputation following its involvement and subsequent fines over the Libor benchmark rate-rigging scandal that has plagued a number of top banks. Compliance roles have since become increasingly prominent in banks as a result of increasingly onerous and complicated regulation and banking scandals.
In November 2013, former Head of Compliance and Government and Regulatory Relations Sir Hector Sants quit the bank just a month after going on sick leave because of stress and exhaustion.
Sants, who led the now-defunct and much maligned Financial Services Authority during the financial crisis, resigned after concluding that he wouldn't be able to return to work in the near future.
At the time, Barclays said it would consider internal and external successors to Sants.
Head of Compliance, Corporate and Investment Banking, Allen Meyer had taken on Sants' responsibilities during the search.
Barclays shares were trading down 2.5% at 267.80 pence per share Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Barclays (BARC)