Barclays' investment bank chief, Tom King, plans to retire as soon as next month, said people with knowledge of the plans.
Bloomberg News reports that the board is leaning toward appointing an external candidate to replace King, 55, with regulators set to introduce tougher rules next month holding senior executives accountable for misconduct, according to the people, who asked not to be identified because the information is private.
Chairman John McFarlane last year hired Jes Staley as chief executive officer to revive earnings growth and reverse a two-year slide in shares that has left the bank trading below its book value, meaning investors think the company is worth less than its assets.
In the meantime, Bloomberg also reports that JPMorgan Chase has hired David Gill from boutique advisory firm Three Ocean Partners to advise mid-market private-equity firms on deals.
Gill, 40, will join JPMorgan as a managing director in its financial sponsors group, which counsels private equity firms on investments, according to an internal memo obtained by Bloomberg. Gill will be based in New York.