14th Jan 2015 10:28
LONDON (Alliance News) - Barclays PLC Wednesday said it has appointed Jonathan Moulds, formerly of Bank of America Merrill Lynch, to a newly created chief operating officer role to accelerate the bank's strategic plan and be accountable for a programme that includes the implementation of structural reforms in the US and the UK.
The appointment means that Moulds, who will report directly to Chief Executive Antony Jenkins, will be responsible for meeting Barclays' objective of attaining a sustainable return on equity above the cost of equity under its Transform programme. Moulds also will have accountability for the bank's structural reform programme, which includes implementation of a ring-fenced bank in the UK and an intermediate holding company in the US.
He will also oversee Barclays' strategy and corporate development team, and establish and chair a group operating committee in a move designed to ensure its strategy is being executed in an "aligned and efficient" manner.
"My decision to create a group chief operating officer role at this time is specifically intended to ensure we continue to deliver on our strategy, but more importantly to accelerate execution where possible," Antony Jenkins said in a statement.
"There are multiple major change programmes in flight across the Group, designed to achieve our ambitious goals, and which will in turn help to drive the sustainable returns our shareholders deserve. A group COO will give us additional leadership bandwidth and capability to make that happen," Jenkins said.
Moulds, who is 49, spent more than 15 years at Bank of America Merrill Lynch before leaving at the end of 2012, at which time he was chief executive officer of Merrill Lynch International and head of Bank of America Merrill Lynch in Europe. He will take up his Barclays post on February 2.
Barclays shares were down 1.2% at 230.30 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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