Barclays reshuffles top management, Matt Hammerstein to become CEO of Barclays UK

Maria Nikolova

Ashok Vaswani, currently CEO of Barclays UK, will take on a newly created role within the Group as Global Head of Consumer Banking & Payments.

Barclays PLC (LON:BARC) has earlier today announced a raft of changes at the top. The bank explains that the reshuffle is intended to “help the business capitalise on its strengths as a diversified consumer and wholesale bank”.

Ashok Vaswani, currently CEO of Barclays UK (BUK), will take on a newly created role within the Group as Global Head of Consumer Banking & Payments, reporting to Group CEO, Jes Staley.

In his new role, Mr Vaswani will oversee the execution of plans for the Group’s consumer banking and cards & payments businesses in the UK and internationally, and is tasked with ensuring that Barclays:

  • a) delivers the benefits of innovation, and fast moving developments in technology and infrastructure, to support its customers – wherever they happen to be in the world;
  • b) capitalises fully on our Group-wide strengths as consumer bankers, including in building out our global payments offering and capability; and
  • c) drives greater connectivity and synergies across our consumer banking and payments franchise.

Matt Hammerstein, currently Head of Retail Lending, will be appointed as the new CEO of Barclays UK. This appointment has to secure regulatory approval. Mr Hammerstein will report principally to Jes Staley and will join the Barclays Group Executive Committee.

Jes Staley will also now assume the role of interim CEO of Barclays Bank PLC, the legal entity which houses all of the Group’s non-ring fenced businesses (Barclays International), in addition to being Group CEO.

As a consequence of the changes announced today, Tim Throsby, CEO of Barclays International & Barclays Bank PLC, has decided to leave the company.

Commenting on the changes, Group CEO, Jes Staley, said:

“We are – today – the Transatlantic Consumer and Wholesale Bank, with global reach, which we set out to shape when we embarked on our strategy in March of 2016. Restructuring is behind us, our major legacy issues are largely dealt with, and our focus now is on running and growing our business, and pursuing improved returns in line with our stated targets.

“To aid that agenda, I am making some leadership changes to ensure a much stronger and closer focus on the two respective hemispheres of our diversified Group – our Consumer and Wholesale businesses.”

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