Barclays announces new operating structure and leadership changes

LONDON: Barclays Plc, one of the leading global financial services providers, has today announced a new operating structure that will align its business segments with its strategic priorities and customer needs.

The new structure will consist of five focused operating divisions, namely:

• Barclays UK, which will provide retail banking, consumer lending, and wealth management services to customers and clients in the UK;
• Barclays UK Corporate Bank, which will offer banking and financing solutions to UK-based businesses, from small and medium enterprises to large corporates;
• Barclays Private Bank & Wealth Management, which will cater to the needs of high-net-worth and ultra-high-net-worth individuals and families across the world;
• Barclays Investment Bank, which will deliver advisory, financing, trading, and risk management services to corporate, institutional, and government clients globally; and
• Barclays US Consumer Bank, which will provide credit cards, online banking, and personal loans to customers in the US.

Barclays will report its financial performance based on these five operating divisions, in addition to Head Office, from the first quarter of 2024. The bank has also published a resegmentation document that shows the impact of the new structure on its historical financial results for 2021, 2022, and 2023. The document can be accessed on the Barclays website at https://home.barclays/investor-relations/reports-and-events/financial-results/.

The bank has also announced several leadership changes that will take effect as a result of the new operating structure, subject to regulatory approval where applicable. These include:

• Vim Maru, currently the CEO of Retail Banking and Wealth Management, will become the CEO of Barclays UK;
• Matt Hammerstein, currently the CEO of Barclays UK, will become the CEO of Barclays UK Corporate Bank and also take over the role of head of Public Policy and Corporate Responsibility from Sasha Wiggins;
• Sasha Wiggins, currently the head of Public Policy and Corporate Responsibility, will become the CEO of Barclays Private Bank & Wealth Management;
• Denny Nealon, currently the CEO of Barclays US Consumer Bank and Barclays Bank Delaware, will continue in his current role;
• Adeel Khan, currently the Co-Head of Global Markets, will become the sole head of Global Markets;
• Cathal Deasy and Taylor Wright, currently the Co-Heads of Banking, will continue in their current roles;
• Stephen Dainton, currently the Global Co-Head of the CIB and Deputy CEO of Barclays Bank PLC, will become the President of Barclays Bank PLC and Head of Investment Bank Management; and
• Paul Compton, currently the Global Head of the CIB and President of Barclays Bank PLC, will become the Chairman of Investment Banking, reporting to the Group Chief Executive, C.S. Venkatakrishnan.

All the divisional and business heads will be members of the Barclays Group Executive Committee and report to the Group Chief Executive.