Barclays Names Diamond as CEO

Barclays, the U.K.'s third-largest bank, named Robert Diamond group chief executive, succeeding John Varley who is retiring on March 31, 2011.
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LONDON (

TheStreet

) --

Barclays

(BCS) - Get Report

, the U.K.'s third-largest bank, named Robert Diamond group chief executive, succeeding John Varley who is retiring on March 31, 2011.

Diamond, who heads the bank's corporate and investment banking unit and the Barclays Wealth business, will assume the title of president and deputy group CEO on Oct. 1, 2010. He has been a member of the board since 1995.

Barclays said Diamond's salary will increase to 1.35 million pounds ($2.08 million) with bonuses of up to 250% of that figure, the

Associated Press

reports. The bank said it intended to award a long-term, performance-based share incentive of 500% of base salary in 2011.

Varley led the bank since 2004.

Jerry del Missier and Rich Ricci will become co-CEOs of Barclays Capital, effective Oct. 1.

Separately, a report from the

BBC

says that

HSBC

(HBC)

Chairman Stephen Green plans to retire to take a new job as the British government's trade minister. Green was HSBC chief executive from 2003 to 2006.

-- Written by Joseph Woelfel

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