Kheraj bids to take over at Barclays

Former Cazenove boss keen on Diamond's job despite scandals continuing to engulf the bank
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The Independent Online

Naguib Kheraj, the former boss of JP Morgan Cazenove, is poised to throw his hat into the ring to succeed Bob Diamond as chief executive at scandal-hit Barclays.

Industry sources said that Mr Kheraj is looking at "unravelling" his many charitable interests, which he has largely focused on since leaving Cazenove in 2010 shortly after the City blue-blood's £1bn merger with JP Morgan was finalised.

This would allow Mr Kheraj to focus more fully on the under fire bank, which has seen its reputation badly hit as a result of the Libor rate rigging debacle, should he get the top job. Mr Kheraj is attracted to the role despite the fact that the bank was mired in yet more controversy on Friday, when it emerged that a Barclays trader admitted to the New York Federal Reserve back in 2008 that Libor submissions had been manipulated.

Mr Kheraj is currently vice-chairman at Barclays, where he was also finance director before moving to Cazenove, and has been considered a possible candidate since Mr Diamond was forced to quit nearly two weeks ago.

A City source said: "Anyone thinking he won't go for the job is not very well informed. His application will depend on the exact mandate of the role, but if you run through requisite qualifications there are not that many people who would qualify.

"However, Mr Kheraj knows a number of his commitments would have to be unravelled."

Mr Naguib's more philanthropic work includes being chairman of the Aga Khan Foundation (UK), which works on projects to help improve the quality of life of people in the developing world, and a senior advisory role with the NHS.

A weakness in Mr Kheraj's CV could be a perceived closeness to Mr Diamond, who has been widely criticised for not spotting the Libor manipulation when he was in charge of Barclays investment banking unit.

Former JP Morgan co-chief executive Bill Winters and Standard Chartered finance director Richard Meddings have also been widely tipped as possible candidates.