Feb 17 (Reuters) - Tom King, the head of Barclays Plc’s investment bank, plans to retire as early as next month, Bloomberg reported on Wednesday, citing people with knowledge of the plan.
The British bank is shrinking its investment banking business as new chief executive Jes Staley tries to improve profitability in the business by slashing costs.
Barclays is to cut about 1,000 investment bank staff, a source told Reuters last month.
Bloomberg said the board was leaning towards bringing in an external name to replace King, with regulators tightening regulations to hold senior executive accountable for misconduct. (bloom.bg/1oocTEp)
A Barclays spokesman in London declined to comment. King could not immediately be reached for comment.
Rumours about King’s exit have been doing the rounds in the media for some time now.
The investment bank chief threatened to quit last summer during a row with the then CEO Antony Jenkins over the future of the division, people familiar with the matter told Reuters at the time.
Chairman John McFarlane persuaded King to stay, but the row contributed to the ousting of Jenkins, the sources said. (Reporting by Esha Vaish in Bengaluru, additional reporting by Anjuli Davies in London; Editing by Don Sebastian)