Report - Barclays to hire Tzar to accelerate cost-cutting

Oliver Twist

The new senior hire will mastermind the bank’s strategy and its transformation agenda to create value.

John McFarlane, the executive chairman of Barclays, is understood to be close to hiring a strategy and transformation Tzar to accelerate cost-cutting at the bank.

The Telegraph reports that McFarlane, who took charge of the bank last month following the ousting of chief executive Antony Jenkins, is to create the new role of group head of strategy within weeks.

The identity of the candidate, who has already been identified, is not known, but is thought to be someone McFarlane has previously worked alongside.

The new senior hire – who is unlikely to join the bank’s board but will sit on its executive committee – will mastermind the bank’s strategy and its transformation agenda to create value.

McFarlane is known to have told friends that he believes the bank is inefficient, and that waiting for a new chief executive to solve that problem is not an option.

To access the complete Daily Telegraph article hit the link below:

John McFarlane to hire cost-cutting guru at Barclays

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