Barclays deputy chairman said set to leave

Departure

Barclays’ Deputy Chairman Michael Rake will step down from the board this year to join payment operator WorldPay, after helping fire CEO Antony Jenkins, a person with knowledge of the situation said.

Bloomberg News reports that Rake, 67, who is also Barclays’s senior independent director, will join WorldPay as chairman as the private-equity owned company prepares for an initial public offering, said the person, who asked not to be identified because Rake hasn’t resigned yet. The deputy chairman may stay on at Barclays until the end of the year, the person said.

Rake was instrumental in the ouster of Jenkins, 54, who was fired after a clash with Tom King, head of Barclays’s investment bank, over the speed and depth of cuts to the securities unit, people familiar said. Chairman John McFarlane, 68, who took over as acting CEO, said the bank has become 'cumbersome and bureaucratic' under Jenkins’s leadership.

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Barclays’s Michael Rake Said to Leave Board, Join WorldPay

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