Barclays chief to leave bank

A senior executive at a major high street bank is to leave the company, it was announced today.

Paul Idzik, group chief operating officer of Barclays, will leave the group later this year.

Mr Idzik was reportedly one of chief executive John Varley’s key lieutenants with a brief to overhaul the bank’s culture and management.

He said: “I have enjoyed myself enormously at Barclays over the last nine years and believe that we have made tremendous progress in transforming the organisation so that it better serves the needs of its customers and its shareholders.

“I now look forward to identifying and pursuing my next challenge.”

Mr Idzik became COO in 2004 after joining Barclays Capital in 1999.

Mr Varley said: “Much has been achieved at Barclays during the last three years.

“Paul has played a key role in helping us achieve this. It is what I brought him in to do and that part of our work is substantially complete.

“As such, Paul has decided that this is the right time to look for his next challenge. I would like to thank him for the considerable work, energy and enthusiasm he has provided to Barclays over the last decade and in particular the counsel and support he has given to me. I will miss him greatly.”

Barclays has been tipped to follow the lead of rival Royal Bank of Scotland (RBS) and raise new capital from investors to bolster its balance sheet amid hefty credit crunch write downs.