Barclays deputy chairman to step down

Sir Mike Rake
Sir Mike Rake

Barclays deputy chairman Sir Mike Rake is reportedly planning to step down just a week after the bank’s chief executive was fired.

It is understood Sir Mike is leaving to chair the board of payments processing firm Worldpay.

The news will be seen as continued boardroom upheaval at Barclays in the wake of the recent appointment of chairman John McFarlane after he replaced sacked chief executive Antony Jenkins last week amid reports of a boardroom fallout.

In the wake of his appointment, Mr McFarlane said revenues had been lacklustre and shares had remained at the level they were six years ago.

He has taken over duties from Mr Jenkins as executive chairman on an interim basis and plans to push through a series of reforms to Barclays’ internal structure.

However, although Barclays declined to comment on today’s reports of Sir Mike’s departure, the deputy chairman’s exit is not thought to be related to Mr Jenkins’ sacking as the recruitment to Worldpay’s board will have been a lengthy process.

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