Barclays' Group Finance Director, General Counsel To Step Down

Tom Burroughes

4 February 2013

Barclays, the UK bank, today confirmed that group finance director Chris Lucas was stepping down from the post, following media reports over the weekend that he was to leave. The bank also announced that Mark Harding, group general counsel, has decided to retire.

Lucas has left while UK investigators probe the circumstances of the bank’s £7 billion ($10.9 billion) capital-raising that allowed it to avoid state support in the 2008 crisis, Sky News reported yesterday.

Lucas has been in the post for almost six years.

"Barclays has today announced that the group finance director Chris Lucas, and the group general counsel Mark Harding, have decided to retire from the company. Chris and Mark have agreed to remain in their roles until their successors have been appointed and an appropriate handover completed. The search for these appointments is now underway. Given the seniority of the roles, and the importance of securing the right candidates, we expect that process to take a considerable time to complete," Barclays said in a statement.

"Chris and Mark both expressed to me late last year that they were considering stepping down from their roles at Barclays. The rationale which each shared with me was consistent and, typically, grounded in wanting to do what is best for the bank. Their decision to retire was theirs alone," Antony Jenkins, group chief executive, said.

"Barclays is at an inflection point in our journey towards becoming the 'Go-To' Bank. We will shortly unveil the outcome of our strategic review, to which they have both made a major contribution. The execution of our change programme will take place over the next 5-10 years, and both Chris and Mark feel that now is the right time for them, personally and professionally, to pass the baton on in their respective roles to executives who can commit to seeing that programme to completion," Jenkins continued.

"Chris and Mark have given tremendous service to Barclays. The chairman, the board and all my executive committee colleagues and I shall be very sorry to see them go. I know they join me in recognising the quality of their contributions, the sacrifices they have both made in what have often been challenging times, and their unfailing collegiality," he added.

The Financial Times reported last week that one issue under investigation was whether the bank lent money to Qatari investors which was then used to acquire Barclays' shares. The bank has been probed by the Financial Services Authority and the Serious Fraud Office.

Barclays declined to comment on the Qatar issue late last week when contacted by this publication about the matter.

Sky News, in its report at the weekend, said there was “no suggestion” that Lucas or any of the three others under investigation - Richard Boath, a senior investment banker who still works at the bank; Roger Jenkins, the former head of Barclays' lucrative tax-structuring operations; and John Varley, Barclays' former chief executive - are guilty of any wrongdoing. The report added that “insiders” stressed that Lucas's retirement was unconnected to the inquiries.

The individuals are being investigated by the FSA, while the SFO is looking at the bank.