Photo Credit: AFP/Ben Stansall
Barclays has appointed Tushar Morzaria, chief financial officer at JPMorgan Chase’s corporate and investment banking arm, as its finance director.
He will join the U.K. bank in the autumn and take up the position formally in February. The 44-year-old Ugandan-born Brit will succeed Chris Lucas, who has said he will retire then.
The appointment of Morzaria completes the senior management makeover of the scandal-tainted bank undertaken by chief executive Antony Jenkins following the departure of Bob Diamond last year. Lucas is the last of the bank’s executive directors still in post who predates Barclay’s fines over rigging the benchmark interest rate Libor.
A departure announcement memo seen by Reuters praised Morzaria for being instrumental in aligning JPMorgan’s commercial and investment banking arms, “particularly around managing expenses, capital and liquidity” — all experience of direct relevance to his new job at Barclays. Bringing in an investment banker to such a critical role, however, indicates Jenkins’ need to strengthen the bank’s top management expertise in that area even as he attempts to move Barclays away from the go-go investment-banking culture that dominated it in the Diamond era.
