Barclays: Cometh the hour, exit the man
Barclays doesn’t want Tim Throsby’s exit to be about Tim Throsby, but it is.
What do you do if you decide someone is superfluous to requirements, but you don’t want to make it all about him? Dress up his exit as a reorganization?
It’s certainly tempting to see a whiff of this at Barclays right now, where Tim Throsby, the head of Barclays International since January 2017, is suddenly leaving.
The official announcement, as is the manner of these things, is obscurity itself. But in essence what is happening is that Barclays International is being broken up into its two constituent parts - a £3.5 billion in annual revenue global consumer, cards and payments business on the one hand, and a £10 billion corporate and investment bank (CIB) on the other.
For the consumer and payments business, Ashok Vaswani, the CEO of Barclays UK, is moving to be the global head. He will report directly to Barclays CEO Jes Staley and sit on the group executive committee (ExCo).
Matt Hammerstein, head of retail lending, is being lined up to replace Vaswani as CEO of Barclays UK.