May 1, 2018

Barclays kicks off process to find new chairman

Barclays has started the process of selecting a new chairman, but incumbent John McFarlane dismissed speculation that he could step down early and said he would stay in his post for at least one more year. Gerry Grimstone, the chairman of Standard Life Aberdeen and a member of Barclays' board, had been seen as a favourite to replace Mr McFarlane, but has ruled himself out of the running, according to a person briefed on the matter. Regulators last month said Mr Staley would receive a fine and encouraged Barclays to strengthen its whistleblowing systems, but did not ban him over the affair. Mr McFarlane committed to serve at least three years when he joined Barclays as chairman in 2015. The bank is also under pressure from the activist investor Edward Bramson, whose fund has bought a 5.4 per cent interest in Barclays.

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