Investment banking boss at Barclays to step down

CHAIRMAN OF Barclays’ investment banking and international arm Sir Gerry Grimstone is to step down from his position at the end of the month.

Sir Gerry had been viewed as a potential successor to group chairman John MacFarlane after he joined the board of the Barclays group as deputy chairman in 2016.

Mr MacFarlane is to be replaced by Rothschild & Co veteran Nigel Higgins who will also succeed Sir Gerry as chairman of Barclays Bank from March 1.

Mr Higgins will assume chairmanship of Barclays group following the bank’s annual general meeting on May 2.

Sir Gerry said: “After 20 years sitting on the boards of a number of listed companies, and having recently stepped down from the chairmanship of Standard Life Aberdeen, it is an appropriate moment for a change.

Sir Gerry said he will concentrate on his public sector activities in the UK and his work with consultancy Deloitte in Europe, as well as his activities in the Gulf, India, China and across Asia-Pacific.

Mr McFarlane said: “Sir Gerry has made an important contribution to Barclays, initially as group deputy chairman and later as chairman of Barclays Bank where he oversaw the establishment of the subsidiary board and governance arrangements, as well as being a senior colleague on the group board.”