Investment banking veteran appointed John McFarlane chairman of Barclays

Investment banking veteran appointed John McFarlane chairman of Barclays

Investment banking veteran appointed John McFarlane chairman of Barclays

Lucy White for the daily mail

John McFarlane was appointed Barclays chairman.

Nigel Higgins, 58, is the deputy chairman of investment bank Rothschild and will take over McFarlane's role from May 2019 after joining the board in March.

On the right path ?: The election of Nigel Higgins means that the two top positions at Barclays are occupied by investment bankers

On the right path ?: The election of Nigel Higgins means that the two top positions at Barclays are occupied by investment bankers

On the right path ?: The election of Nigel Higgins means that the two top positions at Barclays are occupied by investment bankers

The departure of 71-year-old McFarlane, nicknamed "Mack the Knife" after having ruthlessly missed jobs in his previous positions with the Royal Bank of Scotland and Aviva, was expected.

However, the selection of Higgins means that the two top positions at Barclays are held by investment bankers. Jes Staley, the chief executive, spent 34 years in JP Morgan's investment bank.

The appointment of Higgins at £ 800,000 a year resulted in activist investor Edward Bramson acquiring a portion of Barclays earlier this year and seeking to boost Barclays' persistent low stock price.

Higgins, a married father of three, was the first non-family member to lead the Rothschild Group in his role as managing partner and co-chair of the executive committee after joining the university in 1982 as a graduate trainee.

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