Dec 18, 2020

Barclays retail bank chairman Ian Cheshire steps down

Barclays retail bank chairman Ian Cheshire is stepping down after three years helping to establish and lead the UK unit of the lender that was required by a "Ringfencing" law introduced following the financial crisis. A former Bain & Co consultant and chairman of whisky and spirits group Edrington, Mr Gillies has been on the lender's main board since 2014 and led the remuneration committee that sets the bank's pay policies. "Barclays UK will need a concerted focus on its plans to position the bank to support customers against a backdrop of an economy recovering from the effects of the Covid-19 pandemic and a continuing low interest rate environment," Barclays said. Sir Ian joined Barclays in April 2017 when the lender was carving out its consumer-facing operations into a separate company to ensure it could be protected from any problems in its riskier investment banking operation. Earlier this year, he joined the board of BT. The board moves come after the bank reshuffled its top executive ranks in September, with one eye on succession for chief executive Jes Staley.

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