By Ian Walker
LONDON--Barclays PLC (BARC.LN) said Wednesday it has appointed
Jonathan Moulds to the newly created role of group chief operating
officer, charged with accelerating delivery of the banking group's
strategic plan 'Transform.'
Mr. Moulds will join company on Feb. 2 and will have
accountability for the structural reform program, which includes
implementing the ring-fenced bank in the U.K. and the intermediate
holding company in the U.S. He will also oversee the strategy and
corporate development team, Barclays said.
Mr. Moulds is an industry veteran, spending over 15 years at
Bank of America Merrill Lynch in a variety of senior leadership
roles, latterly as chief executive of Merrill Lynch International
and head of BoAML Europe.
The Bank of England announced last October plans to make it
easier for depositors to get their cash back when banks fail, as
part of sweeping changes to make the U.K. financial system
safer.
The proposed reforms include new rules for banks to hive off
their retail activities from most commercial banking, including the
need to have a separate board at the ring-fenced bank, under a
top-level holding company.
The ring fence applies to any bank with more than 25 billion
pounds ($37.9 billion) in deposits from individuals and small
businesses. Further details on funding and capital at ring-fenced
banks will be given next year, the BOE said at the time. It is
working toward a plan to have bank bail-ins and recapitalizations
take place at the level of a bank holding company.
-Margot Patrick contributed to this article.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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