LONDON — Barclays PLC said Friday it appointed Jerry del Missier – the co-chief of it investment banking arm – to the newly created role of chief operating officer in an effort to bolster the bank's global operations during a period of regulatory upheaval.
Mr. Del Missier will leave his role in the investment banking and corporate division to focus on co-ordinating Barclays' business, the bank said. He will take up a position leading all operations and information technology activities and support functions across the bank with immediate effect. Barclays said he would keep a seat on the executive committee.
Mr. Del Missier's appointment comes as Barclays prepares the delicate task of ring fencing its U.K. retail banking operations to meet new government regulation. The bank is also under pressure from investors to squeeze more growth out of its businesses. Earlier this year the bank delayed a much vaunted target of hitting a return on equity of 13% by 2013.
Chief Executive Bob Diamond said the appointment went toward "progress in making Barclays resolvable and eventually complying with U.K. requirements on ring-fencing."