Tom King, one of the most prominent bosses at Barclays, is about to leave the bank.
According to a Financial Times report, Barclays is expected to tell staff in a memo later today that King, the New York based CEO of the investment bank, will exit the group on March 4.
King was only appointed to the role two years’ ago when the former CEO of Barclays, Antony Jenkins, was at the helm of the British bank.
If he leaves on that date, it is only three days after newly appointed CEO Jes Staley announces his strategy for Barclays.
It is not known whether a replacement has been found or if an interim investment bank CEO has been appointed. However, previous reports claim that Staley reportedly asked former colleague and “Queen of Commodities” Blythe Masters to run the investment banking division.
The FT report says that more investment banking jobs and costs are expected to be cut. This is largely because at the end of January, King said in a memo that the bank would close its Moscow office, shutter stock trading in Asia, and make changes to the US markets business. Bloomberg also reported at the time that 1,000 jobs in the investment bank will be cut too.
That’s in addition to an existing plan to cut 7,000 jobs from the division.
Business Insider contacted Barclays for comment but a response was not delivered at the time of publication. We will update the story if this changes.
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