LONDON, Feb 19 (Reuters) - Barclays said on Fridaythe head of its investment bank Tom King would retire on March4, confirming media reports earlier this month.
The British lender is shrinking its investment bankingbusiness as new chief executive Jes Staley tries to improveprofitability in the business by slashing costs.
Barclays in January said in memos to staff and clients itwould close its cash equities business in Asia and shutterinvestment banking operations in a number of countriesworldwide, in cuts that sources said at the time could lead toover 1,000 job losses.
King had threatened to quit last summer during a row withthe then CEO Antony Jenkins over the future of the division,people familiar with the matter told Reuters at the time.
"After nearly 25 years in my career, and having now seen theinvestment bank through a period of extraordinary change and onto a solid footing for the future, I feel the moment is rightfor me to pass the baton," King said in the memo released byBarclays on Friday. (Reporting by Lawrence White; Editing by Mark Potter)
Barclays (BARC)