Mar 9, 2017
Grandees to stay on at Barclays and Standard Life
The transfer of power at two of Britain's top financial institutions has been put on hold for two years after John McFarlane and Sir Gerry Grimstone committed to continue as chairmen of Barclays and Standard Life, respectively, until 2019. The City of London grandees have decided to stay on to oversee significant overhauls: Sir Gerry to mastermind Standard Life's acquisition of Aberdeen Asset Management, and Mr McFarlane to comply with UK ringfencing rules by splitting up Barclays. His most likely successor is Sir Gerry, who has been chairman of Standard Life for a decade and took over as Barclays' deputy chairman and senior independent director at the start of last year. In the meantime, Barclays has given Sir Gerry extra responsibility as interim chairman of Barclays International, the largest of its two divisions, which includes its corporate and investment bank and its credit card operations outside the UK. Last year, Barclays International generated two-thirds of the entire bank's core pre-tax profits and revenues and accounted for more than half of its total assets. The bank said last month that in his new role Sir Gerry would also "Lead the work to establish the new board of Barclays Bank plc, which will become the non ringfenced bank in due course".
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