Taylor sets out his grand design

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The Independent Online
MARTIN Taylor, the recently appointed chief executive of Barclays, yesterday outlined his design for restructuring the bank, to make it more responsive to business customers and to bridge the gulf between the traditional business and the investment banking side, BZW.

'I said at the time of Barclays' preliminary results that I wanted to end the confusion between the UK bank and the group head office, reduce the polarisation of the large divisions, and enable the organisation to reflect the way that our customers do business,' said Mr Taylor.

'This is how we will do it. No one likes restructurings, but these changes will create a flatter, more united and more flexible management structure, which I believe will serve our customers better.'

Barclays will be divided into five main groupings. UK Banking Services, run by Bill Gordon who will report to Mr Taylor, will concentrate on the domestic retail markets. As well as the UK domestic bank, the grouping will include Barclaycard and Intermortgage, Barclays' mortgage processing business.

Alastair Robinson, formerly chief executive of the banking division, will deputise for Mr Taylor and take on responsibility for personnel matters. He will chair UK Banking Services as well as retaining executive responsibility for Barclays Financial Services, Barclays Private Banking, retail operations in Africa and the Caribbean and the asset-backed finance business in the US.

A European retail banking group will be formed under Carlos Martinez de Campos, based in London. This will include over 50 retail operations in France, Spain, Portugal and Greece, and Merck Finck in Germany.

Graham Pimlott, chief executive of merchant banking at BZW, who oversees the group's Bank Finance operations outside the UK, will also take on responsibility for a new grouping of operations, including UK corporate banking, trade finance, and electronic corporate banking services.

Sir Peter Middleton will chair both BZW and Graham Pimlott's new group of businesses.

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