Mohamed El-Erian Joins Barclays as Non-Executive Director
September 26 2019 - 6:22AM
Dow Jones News
By Caitlin Ostroff
Mohamed El-Erian, the former chief executive of bond firm
Pacific Investment Management Co., is joining Barclays PLC
(BARC.LN) as a non-executive director.
One of the best known names in global fund management, Mr.
El-Erian currently serves as chief economic adviser at Allianz SE
(ALV.XE), the corporate parent of Pimco.
He previously chaired former President Barack Obama's Global
Development Council, an advisory committee on development policies.
He was also deputy director at the International Monetary Fund and
ran Harvard University's endowment fund.
Barclays also appointed Dawn Fitzpatrick, the chief investment
officer of Soros Fund Management LLC, as a non-executive
director.
"These appointments reflect Barclays' commitment to the
strengthening of its board through the addition of further high
quality and highly respected individuals possessing a wide and deep
knowledge of the group's markets and businesses," the bank
said.
Ms. Fitzpatrick joined the board Wednesday. Mr. El-Erian will
join Jan. 1, 2020.
They join Barclays at a challenging time for the U.K. lender
which cut 3,000 jobs in the second quarter and is planning to clamp
down further on costs. Chief Executive Jes Staley has been trying
to convince investors that the bank's mix of consumer, business and
investment banking can produce stable returns and provide
resilience in a downturn.
Write to Caitlin Ostroff at caitlin.ostroff@wsj.com
(END) Dow Jones Newswires
September 26, 2019 06:07 ET (10:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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