Senior Barclays man to go early: Vice-chairman's departure coincides with chief executive's arrival

Click to follow
HUMPHREY NORRINGTON, an executive vice-chairman of Barclays, yesterday became a casualty of a top-level reorganisation n it emerged that he would retire in December, ears early.

A large chunk of Mr Norrington's job will be absorbed in the responsibilities of Martin Taylor, Barclays' new chief executive, whose appointment was announced in August.

Barclays said Mr Norrington, aged 57, had decided some time ago that he wanted to leave the bank. A spokeswoman denied that his early retirement was the result of the appointment of a chief executive.

However, Barclays executives for some time have regarded Mr Norrington's position as the weakest in the top team, and the absorption of his job by other directors appears to confirm that there was little scope left for him.

Until now, Andrew Buxton has combined the roles of chairman and chief executive. But after pressure from the City he decided to split the roles. Mr Taylor, from Courtaulds, starts part-time as a director on 1 November and becomes group chief executive on 1 January.

Mr Norrington, after 33 years with Barclays, has been in charge of personnel, Barclays Property Holdings and group credit policy, which will all become Mr Taylor's responsibility. His role heading compliance and inspection will be absorbed by Oliver Stocken, the bank's finance director.

Sir Martin Jacomb is also retiring as non-executive deputy chairman, but is already beyond retirement age.

Separately, Barclays yesterday became the first big UK bank to securitise personal loans with a pounds 280m issue. Securitisation - repackaging the loans and selling them as bonds - frees bank capital for other uses but until now had been tried only with mortgage loans in the UK.

The Clinton administration yesterday urged the US Supreme Court not to hear a case in which Barclays and other multinationals are asking for a refund of dollars 880m of tax from California, reports Bloomberg News.

California has backed down in a long-running fight over whether foreign multinationals should pay state tax on their worldwide income. But the US Solicitor General urged the Supreme Court to let the matter drop now the main issue has been settled, saying that the Barclays case 'lacks substantial recurring importance'.

View from City Road, page 35