Wednesday, 8 July 2015

RARE ALERT: Barclays could name CFO as new boss

Most of the London market is likely to be transfixed on the Budget.

However, over here in Betavilleland we like to get on with teasing out corporate stories while the Government overloads the financial reporting community with a ton of news.

So, here is a juicy bit of RARE: it would appear John Macfarlane, the chairman of Barclays, has indicated to some of the bank's largest shareholders that Tushar Morzaria, currently group finance director, may become the next CEO. Well, that's what my man who claims to have the inside track told me this morning.

I have to admit I don't know much about Morzaria but a quick glance at his bio - - tells me he used to work in investment banking at SG Warburg, JP Morgan and Credit Suisse.

It does, though, seem like an odd choice given Barclays has been trying to get move away from having former investment bankers as chief executives. Or, perhaps it's a simple case of plus ca change, plus c'est la meme chose...

This story has a RARE disclaimer. For readers that don't recall what RARE is, here is the definition:

Market gossip that hasn't been tested through formal journalistic channels (public relations executives, bankers etc). The rumour might be total codswallop but then again there may be something in it, so it's worth airing on Betaville.


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