Investment banking veteran named Barclays’ chairman to replace John McFarlane
An investment banking veteran has been named Barclays’ chairman to replace John McFarlane.
Nigel Higgins, 58, is the deputy chairman of investment bank Rothschild and will take McFarlane’s role from May 2019, after joining the board in March.
On the right track?: The selection of Nigel Higgins means that the two top positions at Barclays will be held by investment bankers
The departure of 71-year-old McFarlane, who earned the nickname ‘Mack the Knife’ after ruthlessly axing jobs in his previous positions at Royal Bank of Scotland and Aviva, was expected.
But the selection of Higgins means that the two top positions at Barclays will be held by investment bankers. Jes Staley, the chief executive, spent 34 years in JP Morgan’s investment bank.
Higgins’s appointment to the £800,000 a year post comes after activist investor Edward Bramson acquired a chunk of Barclays earlier this year, and is trying to boost Barclays’ stubbornly low share price.
Higgins, a married father of three, was the first non-family member to lead the Rothschild group in his role as managing partner and co-chairman of the executive committee, having joined as a graduate trainee in 1982.