Bloomberg News reports that Meddings, 57, will replace John Cryan, 54, who became the company’s co-chief executive officer in July, the bank said in a statement on its website on Monday. He is also set to assume Cryan’s previous role as chairman of the board’s audit committee, according to the statement.
Cryan is preparing to overhaul the company after investors failed to warm to a strategy his predecessor, Anshu Jain, presented in April. The bank is seeking ways to shrink assets to meet stricter capital requirements and improve oversight to avoid a repeat of the billions of dollars in misconduct fines that have hurt earnings in the last three years.
To access the complete Bloomberg News article hit the link below: