Barclay's deputy chairman to resign
Barclay's deputy chairman, Sir Michael Rake is set to resign from the bank to join the payments processing agent Wordplay just one week after helping orchestrate the removal of the bank’s chief executive Antony Jenkins.
The revelation comes just a week after the ouster of the bank's chief executive Antony Jenkins, in which Rake played a significant role.
Rake, who has been the banks deputy chairman since 2012, is to join the payments processing agent Wordplay to lead its stock market listing.
It appears Rake has been thinking and preparing to leave Barclay's for some time, but the timing of his resignation has shocked many as it is so soon after the removal of the bank’s chief executive Antony Jenkins.
Rake was a strong ally of Barclay's former chief executive Bob Diamond who left the bank following its Libor interest rate fixing scandal.
The current executive chairman John McFarlane has already taken over the running of the bank since Jenkins departure and will now have an increased workload following the departure of Rake. A new deputy chairman will need to be recruited but the process has not yet begun as the bank decides whether to find someone internally or hire someone externally.
The news of Rake's reported resignation has led to a fall in the Barclay's share price as it dropped 0.8 per cent to 273.8p, although Barclay officials say they have not yet received his official resignation. A spokesperson for the bank said, "If he does leave, we are required to announce it, we will do but for now he continues to work for Barclay's."
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