Barclays' Finance Chief, General Counsel to Exit


Barclays announced Sunday that two of its top executives will step down in the coming months.

The London-based bank said that Chris Lucas, its chief financial officer, and Mark Harding, its general counsel, have agreed to remain in their jobs until the bank can identify their successors.

The resignations follow a rough seven months for Barclays that began with its agreement in June to pay $450 million to settle charges by regulators in the U.S. and U.K. that it conspired to manipulate the London interbank offered rate, and continued roughly a month later with the resignation of former chief executive Robert Diamond.

British authorities also are investigating allegations that Barclays loaned investors in Qatar money to buy shares in the company during the financial crisis without disclosing the transaction in order to avoid a government bailout, the Financial Times reported on Thursday. Lucas is among several executives being investigated in connection with the capital raise, according to the paper.

"Both Chris and Mark feel that now is the right time for them, personally and professionally, to pass the baton on in their respective roles to executives who can commit to seeing that program to completion," CEO Antony Jenkins, who succeed Diamond in August, said in a press release.

On Friday, Jenkins said he would forego a bonus for 2012 in recognition of "multiple issues" that beset the bank last year.

Lucas, who has served as CFO for six years, called this the "appropriate time" to retire. Harding, who joined the company a decade ago, called the bank's anticipated rollout of a new strategy "an obvious transition point, and one which I have decided to take."



Hits and Misses from 4Q Earnings

Big banks had a forgettable fourth quarter thanks to old problems like tight margins and new ones like the collapse in oil prices, but executives who could fall back on products such as credit cards, insurance and investment banking had something to brag on.

(Image: iStock)

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