Head of Barclays Commercial Bank steps down

The managing director of Barclays Commercial Bank in England and Wales is leaving the bank after just a year. David Marks, whose resignation was announced internally yesterday, is to return to the US, but it is unclear if he has a job to go to.

Mr Marks, who was responsible for the commercial bank's salesforce of several thousand employees, though not staff in Scotland and Ireland or risk management, was hired from the US bank Wells Fargo and reportedly given a pay package, including bonus, of about £1.1m at Barclays. Barclays Commercial Bank, which declined to comment, works with businesses with turnover of more than £1m and employs 9,250 UK staff.

Barclays will hold its AGM on Thursday, where it is expected to reveal a new remuneration structure for senior executives, who will receive a higher proportion of pay from deferred payments made in shares.