Barclays Plc Finance Director Chris Lucas, who is under investigation by the U.K.’s Financial Services Authority, will retire after a successor is found, as a series of fines and probes beleaguer Britain’s second-largest lender by assets.
Barclays Plc, the first U.K. bank to report first-quarter results, posted a bigger-than-estimated gain in investment banking profit and said it’s on track to meet its target for cost cuts. The shares advanced.
Barclays Plc is being investigated over whether it adequately disclosed fees it agreed to pay to the Qatar Investment Authority as it sought to raise money from investors including the sovereign wealth fund, according to a person with knowledge of the situation.
Britain’s new banking regulator has rattled lenders by holding off disclosing how much capital each firm will have to raise after ordering the industry to plug a 25 billion-pound ($38 billion) shortfall by the end of the year, three people with knowledge of the discussions said.
Barclays Plc, the U.K.’s second- largest bank by assets, said Finance Director Chris Lucas, Chief Operating Officer Jerry Del Missier, Chief Executive Officer Robert Diamond and Rich Ricci, head of the lender’s investment banking unit, will forgo their annual bonuses this year.
Competition lawyer Simon Pritchard joined Linklaters LLP in London as a partner. Pritchard is a former senior director of mergers at the U.K.’s Office of Fair Trading and a former partner at Allen & Overy LLP.
U.K. Chancellor of the Exchequer George Osborne said for the first time regulators will get the power to break up banks, hardening legislation aimed at making lenders safer. He will also open up industry payment systems.
Barclays Plc Finance Director Chris Lucas said regulators should adopt proposals for the orderly winding down of failed lenders, while protecting access to “essential” banking services for individual customers.