Why has idiosyncratic Idzik exited? In early May, it seeped out that Paul Idzik, Barclays’ chief operating officer, had decided to leave the UK bank. And for a while, all anyone wanted to discuss was the Idzik exodus.The business pages claimed Idzik was departing because of tension between Barclays’ chief executive, John Varley, and its president, Bob Diamond. I don’t believe a word of this. I believe that someone who wanted to damage Barclays placed this story with the press. And the inference of feuding and fiefdoms contributed further to investor disenchantment with Barclays, whose share price has fallen some 23% so far this year.
Paul Idzik, whom one source describes as “a titan of management process”, joined Barclays Capital as chief operating officer in 1999 from Booz Allen. He flourished: his strong intellect and work ethos impressed Diamond, who recommended him to...
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